Codicil

A codicil is a written change, amendment, supplement or addition to a person’s will. It may modify, add to, subtract from, clarify, qualify, alter, or revoke provisions in a will. A codicil is executed with all the formalities of the will itself.

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Closely-Held Business

The following are general definitions. Any particular term may be defined differently by a particular statute, case law, or the definitions section of the document in question. Consult legal counsel before acting on any information contained in this website.

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Charitable Remainder Trust

A Charitable Remainder Trust is often used to make large donations (of either property or money) to a charity so that the donor can obtain a tax advantage.

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By Representation, Per Capita at Each Generation, Per Stirpes

The following are general definitions. Any particular term may be defined differently by a particular statute, case law, or the definitions section of the document in question. Consult legal counsel before acting on any information contained in this website.

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Bond

A bond is a type of insurance policy that guarantees that a legal representative will carry out his duties. Should the legal representative fail to perform as specified in the contract, the bond guarantees that a certain amount of money be paid to the injured party.

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Bequest

Bequest is an old legal term that basically means to give a gift, or to bestow property, as designated in the terms of a will.

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Beneficiary Designation

“Beneficiary designation” means a governing instrument naming a beneficiary of an insurance or annuity policy, of an account with POD designation, of a security registered in the beneficiary form (TOD), or of a pension, profit sharing, retirement, or similar benefit plan, or other nonprobate transfer at death.

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Beneficiary

“Beneficiary”, as it relates to a trust beneficiary, includes a person who has any present or future interest, vested or contingent, and also includes the owner of an interest by assignment or other transfer; as it relates to a charitable trust, includes any person entitled to […]

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Basis

The following are general definitions. Any particular term may be defined differently by a particular statute, case law, or the definitions section of the document in question. Consult legal counsel before acting on any information contained in this website.

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Asset Protection

An Asset Protection process is a legal approach/strategy designed to protect an individual’s property from legal problems and taxes in his/her lifetime and upon his/her death.

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