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

• Lawful: legal
  
  
• Legacy:gift from someone passing on.
  
  
• Legal divorce: the completion of a court Judgment which dissolves your marriage.
  
  
• Legal separation: a court order or written agreement in which a married couple agrees to live separately while still remaining legally married. Many people confuse the idea of separating (living apart) from Legal Separation. Legal Separation is a legal term which describes a process which is very similar to divorce, with the same rights and responsibilities, but which does not result in your being divorced at the end. Some people choose Legal Separation for religious reasons, or in order to stay on a spouse’s health insurance plan.
  
  
• Letters testamentary: document issued by the probate court allowing the executor to discharge his or her responsibilities.
  
  
• Life estate: right to use trust property and receive income from it during one’s lifetime.
  
  
• Life Insurance: Life insurance is a good way to provide quick cash for debts, living expenses, and estate taxes for surviving family members. Because beneficiaries are named in life insurance policies, the proceeds do not go through probate.
  
  
• Life insurance trust: irrevocable trust which owns a life insurance policy. A life insurance trust is designed to reduce the size of the insured person’s taxable estate.
  
  
• Liquid assets: cash or assets which are easily turned into cash.
  
  
• Living trust: trust set up while a person is alive, and which remains under the control of that person until he or she dies, or the trust is amended or dissolved. Also referred to as an inter vivos trust. Living trusts are typically used to reduce the value of property subject to probate
  
  
• Living will*: a document in which the signer requests to be allowed to die rather than be kept alive by artificial means if disabled beyond a reasonable expectation of recovery. See also Healthcare Directive.
  
  
• Los Angeles divorce: About 41,000 couples file for divorce every year in Los Angeles County. 98% of those couples are able to settle out of court, many using mediation. Over 70% of divorcing couples in Los Angeles County get divorced without using any lawyers at all. Only 10% of the divorce cases have 2 lawyers involved.