Glossary Archive

A Non-Contestable Will is a legal document that outlines an individual's wishes regarding the distribution of their estate after their death, with specific provisions that make it difficult or impossible for beneficiaries to challenge its validity. The primary feature of a Non-Contestable Will is a clause that typically states that if a beneficiary contests the...

A Non-Deductible Bequest refers to a provision in a will or trust that directs the distribution of assets to a beneficiary, which does not qualify for an estate tax deduction. This means that the value of the bequest will be included in the taxable estate of the decedent when calculating estate taxes. When an individual...

Non-Disclosure Agreement in Mediation A Non-Disclosure Agreement (NDA) in mediation is a legally binding contract that ensures confidentiality between the parties involved in a mediation process. This agreement is designed to protect sensitive information exchanged during mediation sessions from being disclosed to outside parties or used for purposes outside the mediation. The primary purpose of...

Non-Disclosure Agreement (NDA) A Non-Disclosure Agreement (NDA) is a legally binding contract that establishes a confidential relationship between parties. The purpose of the NDA is to protect sensitive information shared between the parties from being disclosed to third parties. NDAs are commonly used in various contexts, including business negotiations, employment relationships, and collaborations, where sensitive...

Non-Disclosure Agreement (NDA) A Non-Disclosure Agreement (NDA) is a legally binding contract that establishes a confidential relationship between two or more parties. The primary purpose of an NDA is to protect sensitive information from being disclosed to unauthorized third parties. NDAs are commonly used in various business contexts, including during negotiations, partnerships, and employment, ensuring...

A Non-Grantor Trust is a type of trust in which the person who creates the trust (the grantor or settlor) does not retain any significant control or ownership over the trust assets. As a result, the trust is considered a separate tax entity, meaning it files its own tax returns and pays taxes on its...

Overview A Non-Marital Deduction Trust is a specific type of trust that allows for the transfer of assets without incurring federal estate taxes upon the death of the grantor. This trust is particularly relevant in estate planning strategies for individuals who wish to preserve wealth across generations while minimizing tax liabilities. Detailed Explanation The Non-Marital...

A Non-Marital Trust is a type of trust that is created independently of a marriage or domestic partnership. This trust is typically established by an individual to manage, protect, and distribute their assets according to their wishes, without the influence of a spouse or romantic partner. Non-marital trusts can serve various purposes, including asset protection,...

Non-probate assets are assets that do not go through the probate process upon the death of the owner. These assets are typically transferred directly to beneficiaries without the need for court intervention, making the transfer more efficient and potentially less costly. Overview of Non-Probate Assets Common examples of non-probate assets include life insurance policies, retirement...

Overview A Non-Probate Real Property Transfer refers to the process of transferring ownership of real property without the need for probate court involvement. This type of transfer allows for a more streamlined approach to passing assets to heirs or beneficiaries upon the owner's death, avoiding the time-consuming and often costly probate process. Detailed Explanation In...