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

• Palimony: Palimony is a spousal support substitute (like alimony) for people who are not married. http://www.premaritalmediation.com/faqs.html#04
  
  
• Parenting plan: the written court orders which outline how often and when the children will be with each parent and how child-focused decisions will be made. Parenting plans typically include decision making protocols, a day-to-day schedule, vacations, holidays and travel, as well as other parenting issues such as how to handle a relocation request.

• Pay on death designation: also called a pay on death account. Bank account which balance will be paid upon the owner’s death to the person specified as the pay on death beneficiary.
  
  
• Peaceful resolution: Constance Arons’ book, The Good Divorce, was one of the first (and most enduring) books to illustrate how a peaceful divorce might be possible. Allowing yourself to grief the end of your relationship is an important part of healing, and, eventually, you’ll allow the new chapter of your post-divorce life to begin. Handling your divorce in a civil, pro-active and thoughtful way will help the healing process begin, leaving you with a clear path toward happiness in the future. We believe that mediation is a good first step in working through your divorce issues in a sane, sensible way.
  
  
• Personal Exemption: If your estate is worth more than the amount of the personal estate tax exemption for the year of your death, your estate will owe taxes unless other exemptions or deductions apply.



• Personal Guardian: If no parent is available to raise your child, another adult must be legally responsible to do so. This person is called the child's personal guardian.
  
  
• Personal property: all property except for land or real estate. Personal items, cash, investments, cars, etc.
  
  
• Post-marital agreements: written contract between married spouses which sets forth their rights and responsibilities, much like a premarital agreement or prenuptial agreement. The difference is that a post-marital agreement is drafted and signed after the marriage, and not prior to the marriage. In addition, some couples choose to use a post-marital agreement to reaffirm a premarital agreement.
  
  
• Pour over will: a will which automatically deposits money or assets into a trust. Property left through a will must go through probate before it can “pour over” into the trust.
  
  
• Power of appointment: legal authority to decide who shall receive property held in a trust.
  
  
• Power of attorney*: a legal instrument authorizing one to act as the attorney or agent of the signer. See also durable power of attorney.
  
  
• Predetermined heir: child (or child of a deceased child) who is either not named in or not provided for in a will but who are entitled to a share of an estate. Designed to prevent accidental disinheritance of a child not yet born when a will is made, or for the children of a child who was alive when you made your will but who predeceases you.
  
  
• Premarital 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.
  
  
• Pre-marital 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.
  
  
• Prenuptial 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.
  
  
• Pre-nuptial 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.
  
  
• Prenup: 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.
  
  
  
• Probate: the court proceeding in which the authenticity of your will is established, your executor or administrator is appointed, your debts and taxes are paid, and your property in your probate estate is distributed according to your will.
  
  
• Probate estate: all of your property which needs to pass through probate.
  
  
• Probate fees: legal fees and court fees associated with distributing estate assets to the appropriate heirs or beneficiaries.
  
  
• Promissory note*: a written promise to pay at a fixed or determinable future time a sum of money to a specified individual or to bearer
  
  
• Property control trust: trust which imposes limits on the rights of beneficiaries for any reason. Includes special needs trusts which may provide for persons with disabilities, spendthrift trusts designed to prevent beneficiaries from wasting trust principal, and sprinkling trusts which authorize the trustee to decide how to distribute trust income or principal among beneficiaries.
  
  
• Property Guardianship: There are many drawbacks to leaving property to your children to be supervised by a property guardian. There are several reasons why:

  1. The property must go through your will, meaning that it has to go through probate.
  2. Property guardians are subject to court review, reporting requirements and rules on how they can use the funds. This usually requires hiring an attorney and paying fees to the court.
  3. You can't specify when the guardianship ends. The guardianship must end at age 18

• Protection of assets during divorce: some divorcing spouses are tempted to hide assets during a divorce. This is a dangerous strategy, however, because if you’re found to be lying about assets in your divorce, you can be punished by the court, your divorce can be invalidated, and the court has the power to award your assets to the other spouse. A better asset protection strategy is to consult with a Certified Divorce Financial Planner or accountant to go over your short and long term goals, and to help you make sure that your divorce negotiations and settlement will help your long term financial planning, and not ruin it. Mediation is also an asset protection strategy, because it’s about 75% less expensive than a litigated divorce. Sometimes protecting your assets includes not spending them on lawyers and court proceedings.
  
  
• Proving a will: generally refers to filing a valid will with the probate court. If it’s not clear whether the will is valid, proving a will may include the probate court taking evidence as to witnesses, versions of the will, and other evidence as to the will’s contents and validity.