Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

• Abstract of Trust: summary version of a living trust which can be used to prove that a trust exists without revealing the property included in the trust or the beneficiaries. Allows trustor or creator of trust to submit appropriate documentation to financial institutions (for example) without losing confidentiality of contents of the trust.
  
  
• Accumulation Trust: trust in which income is deposited into trust rather than distributed. Income may be paid to beneficiaries when and as provided in the trust.
  
  
• Acknowledgement: statement in front of a notary or other person who administers oaths that the signature on that document belongs to you (the person who is signing the document).
  
  
• Ademption: failure of a bequest of property because the property in question is no longer owned by the person making the will or estate plan.
  
  
• Administration of an estate: court-supervised distribution of an estate after a person has died. The Executor administers the estate when there’s a will. Without a will, the executor is called an “administrator”.
  
  
• Adopted child: a person, adult or child, who is legally adopted and becomes the legal child of another person. A probate court proceeding is required. Adopted children have the same rights as biological children in estates and inheritances.
  
  
• Affidavit: written statement made under oath, often under penalty of perjury.
  
  
• Alternate Beneficiaries: is a person or organization you name to receive a gift you left to direct beneficiary, if that direct benficiary dies before you do.
  
  
• Alternative dispute resolution divorce: today, many options are available for how you handle your divorce. Mediation, collaborative divorce, and use of private judges or arbitrators are a few of these options. Many cases which are mediated result in an uncontested divorce, and the spouses aren’t even required to go to court.

• Annual Exemption: Federal law allows you to give property worth $11,000 or less per person (or noncharitable institution) per year. A couple can give $22,000 a year tax free to one person.Click Here for Current Gift Tax Exemption.
  
  
• Annuity: investment which pays a fixed sum of money to a specific person at specific intervals.
  
  
• Antenuptial agreement: an agreement made between a man and a woman before marrying in which they give up future rights to each other's property in the event of divorce or death.
  
  
• Attorney advisor: generally referred to simply as an “attorney”. Nowadays, most attorneys specialize in just 1 or 2 areas of the law. If you’re looking for a family law attorney, be sure that you ask what percentage of their practice is family law, and [generally] don’t choose anyone whose practice is less than 50% family law.
  
  
• Attorney: one who is legally appointed to transact business on another's behalf. Nowadays, most attorneys specialize in just 1 or 2 areas of the law. If you’re looking for a family law attorney, be sure that you ask what percentage of their practice is family law, and [generally] don’t choose anyone whose practice is less than 50% family law.

• Attorneys divorce: also called Family Law Attorneys or Matrimonial Attorneys, these are attorneys who focus their practices in family law.