Glossary Archive

Liability Waiver Mediation A liability waiver is a legal document in which an individual relinquishes their right to pursue legal claims against another party for potential injuries or damages that may occur during a specific activity or event. This is often used in contexts such as sports, recreational activities, or other high-risk endeavors. Mediation is...

License Agreement for Use of Property A License Agreement for Use of Property is a legal contract that grants permission from the property owner (the licensor) to another party (the licensee) to use the property for a specific purpose and duration, without transferring any ownership rights. Unlike a lease, a license does not create an...

A Life Estate is a legal arrangement that allows an individual, known as the life tenant, to use and benefit from a property for the duration of their lifetime. Upon the death of the life tenant, the property automatically transfers to another individual or entity, known as the remainderman, as designated in the life estate...

A Life Insurance Beneficiary is an individual or entity designated to receive the death benefit from a life insurance policy upon the death of the insured person. This designation is crucial as it determines who will receive the financial payout, which can be used to cover expenses such as funeral costs, debts, and living expenses...

A Life Insurance Policy Beneficiary Designation is the process by which the policyholder names one or more individuals or entities to receive the death benefit of a life insurance policy upon their passing. This designation is a crucial aspect of estate planning, as it determines who will benefit from the policy and can influence the...

Overview Life Insurance Trust Planning refers to the strategic use of a trust to hold a life insurance policy, thereby managing the policy’s benefits in a way that aligns with the policyholder's estate planning goals. This approach can provide various advantages, including tax benefits, asset protection, and control over the distribution of the life insurance...

A Life Tenant is an individual who holds a life estate in real property, meaning they have the right to use and benefit from the property for the duration of their lifetime. Upon the death of the life tenant, the property will pass to another designated individual or entity, known as the remainderman. Life estates...

A Lifetime Giving Plan is a strategic approach to making charitable contributions while maximizing the benefits for both the donor and the recipient. This plan enables individuals to systematically give away their assets or income during their lifetime, rather than waiting until death to distribute their estate. The Lifetime Giving Plan typically involves several key...

Limited Common Area Rights Agreement A Limited Common Area Rights Agreement is a legal document used primarily in the context of condominium or homeowners' associations that specifies the rights and responsibilities related to certain common areas that are designated for the exclusive use of specific unit owners. This agreement delineates which parts of the common...

Limited Executor Authority Limited Executor Authority refers to a specific set of powers granted to an executor of an estate, which are restricted to certain functions or actions as outlined in the decedent's will or by court order. This designation is often used in situations where the full scope of authority typically held by an...