Glossary Archive

Overview Per Stirpes Distribution is a legal term used in estate planning to describe a method of distributing an individual's assets among their heirs, particularly when one or more heirs predecease the individual. This distribution method ensures that the deceased heir's share is passed down to their descendants, rather than being divided among the remaining...

Performance Bond for Property Construction A performance bond for property construction is a type of surety bond that guarantees the completion of a construction project according to the terms of the contract. The bond is typically issued by a surety company and provides financial assurance to the project owner (the obligee) that the contractor (the...

Permanent Arbitrator Appointment A Permanent Arbitrator Appointment refers to the designation of an arbitrator to serve in a continuous capacity for the resolution of disputes between parties, often within the context of a long-term contractual relationship or an established arbitration panel. In arbitration, which is a form of alternative dispute resolution, parties agree to submit...

Perpetual Easement Agreement A Perpetual Easement Agreement is a legally binding contract that grants one party the right to use another party's property for a specific purpose in perpetuity, meaning indefinitely. This type of easement does not have a set expiration date and is typically recorded in the property’s title, making it enforceable and attaching...

Perpetual Lease Agreement A Perpetual Lease Agreement is a long-term lease contract that allows a lessee (tenant) to lease a property for an indefinite period of time, often without a specified end date. This type of agreement can be beneficial for both lessors (property owners) and lessees, as it provides stability and predictability in the...

A Personal Property Gift Clause is a provision in a will or trust that specifies how personal property will be distributed upon the death of the individual. Personal property typically includes tangible items such as jewelry, artwork, furniture, vehicles, and collectibles, as opposed to real estate or financial assets. This clause allows the testator (the...

A Personal Property Memorandum is a legal document used in estate planning to specify the distribution of personal property that is not addressed in a will or trust. This memorandum serves as a supplementary instrument to outline the decedent's wishes regarding items such as jewelry, furniture, artwork, collectibles, and other personal belongings. The Personal Property...

A Personal Representative is an individual or entity appointed to manage the estate of a deceased person during the probate process. This role is crucial for ensuring that the decedent's wishes, as outlined in their will or dictated by state law, are honored and that the estate is settled in an orderly manner. The Personal...

A Personal Representative Bond, also known as an executor bond or fiduciary bond, is a type of surety bond required by a court for the personal representative (also called an executor or administrator) of an estate during the probate process. This bond acts as a form of insurance that protects the estate and its beneficiaries...

A Pet Trust is a legal arrangement established to manage and protect the care of a pet after the owner’s death or during their incapacity. It allows a pet owner to set aside funds specifically for the care of their pets, ensuring they receive the necessary attention, food, and medical care. Pet trusts can be...