Financial/Legal/Insurance Information
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Legal Terms
abatement
A lessening or reduction in an amount that is owed, normally granted by the party to whom the debt is owed. The word, in regards to estate law, may mean that an item identified in a will cannot be handed over to the beneficiary because it had to be sold to satisfy the deceased’s debts. Before gifts in a will can be given, debts must be paid. When a particular gift has to be sold to pay a debt, it is said to "abate."
abstract of title
Brief history of land, that chronicles transfers in ownership, plus any liabilities attached (e.g. mortgages or rights of way).
abstract of trust
Shortened version of a living trust document, leaving out particulars about the trust and the beneficiaries. An abstract of trust can be used to provide an institution with information that the grantor (the person who sets up a trust) has established a living trust, without giving details.
acknowledgment
Advance directives (e.g. living wills, durable powers of attorney) may require acknowledgement, which is a sworn statement before a public official - generally a notary public. The statement declares that a legal document is signed freely and that any comments in the paper are correct.
actual damages
Actual damages, the term for that which is suffered by someone as the result of another’s misdeeds, are to compensate for loss or injuries that have actually occured.
administrator
A personal representative in charge of a deceased individual’s estate, appointed by a court with the power to handle the debts and assets of the person who died.
affidavit
After taking an oath professing that the contents are true, to the best of their knowledge, a person signs a statement known as an affidavit. It is also signed by a notary or another judicial officer who can give oaths. These papers have great influence in courts; judges often accept an affidavit instead of a witness’ testimony.
agent
Someone who performs services for another person (called a principal) under an explicit or implied agreement. The agent is subject to the principal’s control of the way the service is performed.
alimony
A monetary amount set by a judge for one spouse to pay in order to fulfill the obligation that comes with marriage.
arrears
When a debt is not paid by its due date, it accumulates as "arrears." This term is also used in reference to child or spousal support not paid by the deadline.
asset(s)
Assets include real and personal property such as land, cash, stocks, etc., belonging to a person, corporation, estate, or other entity. An asset has economic value.
attorney-in-fact
The party designated in a power of attorney to act for the principal; also known as an agent.
bankruptcy
This legal proceeding removes the responsibility of paying debts, or gives protection while trying to repay debts. With liquidation bankruptcy (Chapter 7 for consumers and business), debts are wiped out; with reorganization bankruptcy (Chapter 13 for consumers, Chapter 11 for consumers with extraordinary debts and businesses, and Chapter 12 for family farmers), the court is given a plan for how the debts will be paid.
basis
Basis is the value used to figure profit or loss when property is sold. Usually, the basis is the price paid for the property. Basis is for income and capital gaines tax purposes.
beneficiary
The party receiving the benefits from a will or a trust.
capital gains
When a capital asset, like stock or real estate, is sold, the profit on the sale is called "capital gain."
charitable trust
Any trust with a purpose of making a substantial gift to charity, and also achieving income and estate tax savings for the granter (the person who creates the trust).
claim
A stipulation for money or other aid.
co-tenants
When two or more tenants rent the same property under the same lease/rental agreement, they are called co-tenants. Each is fully responsible for carrying out the rental agreement, even including rent for, or damage caused by, the other tenant.
codicil
A codicial may explain, change, add to, subtract from, qualify, or revoke existing provisions in a will. Because codicil modifies a will, it must be signed before witnesses, and possibly notarized.
common-law marriage
A common-law marriage means that both people agree to marry and assume the same marital duties and obligations as formal marriages. This type of marriage is done by mutual consent and does not require an application for a license or certificate. However, not all states recognize common-law marriages.
community property
A way to specify the ownership of acquired property, including the responbility for debts incurred during marriage.
conservator
A court appoints a surrogate decision-maker, with the authority to make decisions only about property, called a conservator. Also called guardian.
contingent beneficiary
The alternate beneficiary named in a will, trust, or other paper.
contingent/contingency fee
An arrangement in which the lawyer is paid a fee out of any damages awarded. There is no fee if no damages are awarded.
contract
A contract is an accord between two or more able parties in which an offer is made and accepted, and each party gains from it.
damages
Given for either breaches of contract or for tortious actions, damages are cash compensation ordered by a court to satisfy losses or suffering caused by another’s fault.
death taxes
Taxes assessed at death based on the value of property left behind; federal death taxes are known as estate taxes.
declaration
A written statement, given to a court, in which the writer swears "under penalty of perjury" that the document’s contents are accurate, acknowleding that if he or she is lying, he may be prosecuted for perjury. Some states allow declarations instead of affidavits.
durable power of attorney
Should the principal become incapable or disabled, a document in writing known as "durable power of attorney" authorizes someone else to act as that person’s agent or attorney-in-fact.
encumber
To put a claim, charge, or liability on property.
estate
This term usually refers to the total of all types of property owned by someone at a particular time, usually upon his or her death.
estate tax
A tax levied against the net assets of an estate which must be paid by the estate’s administrator from its assets.
executor
The party named in a will who has the responsibility of satisfying the terms of the will (e.g., collecting the will writer#8217;s assets, paying debts, and distributing the remaining assets to the beneficiaries).
fiduciary
Also known as a trustree. A fiduciary has rights and powers which would usually belong to someone else, which he or she must exercise to the gain of the beneficiary.
full faith and credit act
Judges are required to recognize and enforce bona fide decrees and judgements issued by courts in other states, according to this legal principle.
general guardian
A person appointed by a court with the power to make decisions concerning the personal affairs of an incapacitated individual.
general power of attorney
Unlimited agency; the agent is empowered to act in whatever capacity the principal actually has.
grantor
A grantor gives another party the authority and power to act on behalf of the grantor, in compliance with the powers set forth in a power of attorney or trust document.
guarantor
If the responsible party fails to repay a debt, the secondary party (the guarantor) becomes obligated to pay that debt.
health care power of attorney
A power of attorney by which the principal can select an agent to make health care decisions in the event that principal becomes incapacitated and thus unable to make such decisions.
holographic will
A handwritten will that is unwitnessed. Only a few states will allow these documents; most courts are very reluctant to accept them.
incapacitated
Used to describe a person without the ability to make decisions involving health care or personal matters. An incapacity may be mental (such as Alzheimer’s disease) or physical (such as the effects of a stroke), and also describes a legal disability to perform certain acts. When a person has appointed a guardian, the person is often referred to as "incapacitated."
independent contractor
A party who carries out services for someone under an explicit or implict agreement, who is not under the other’s control; not an employee.
inheritance tax
A tax levied against an estate’s beneficiaries, based on the amount received by each beneficiary and that beneficiary’s relationship to the deceased.
inter vivos
Meaning "between the living," a term referring to the transfer of property (or other transaction) between living persons.
intestacy
The situation of dying without having created a valid will.
irrevocable trust
When the person creating a trust (known as a settlor) transfers title of the trust proceeds to the trustee and keeps the right to cancel, change or do away with the trust.
joint account
An account naming two or more parties, with either equal access or certain conditions provided to the parties.
joint property
Property that is owned by more than one person, who is named on the property deed or title. Co-owners keep ownership of the property upon a co-owner’s death. In a joint property arrangement, a co-owner cannot give away his or her property share. Also called joint tenancy.
joint tenancy
A technique by which an individual shares legal title to property with other persons in such a way that when one of the joint owners dies, that person’s share automatically goes on to the surviving joint owners by operation of law.
joint trustees
Two or more individuals entrusted with property for the gain of one or more others. Joint trustees cannot act separately, as joint executors can. Neither can sell without the others, receive more of the consideration money, or be more a trustee than the partner.
judgment
A court’s final, official decision on the matters submitted to it.
lease
In exchange for rent paid to the property owner, a unique contract is drawn up between the property owner and someone wanting temporary use of the property. The owner is called a landlord, and the person receiving the temporary property use is referred to as a tenant.
legatee
The person named in a will to receive property; also known as a beneficiary. An individual to whom a legacy is given by a last will and testament.
lessee
A lease is made to a lessee, the party who receives the use and possession of leased property from a lessor in exhange for monetary payment.
lessor
The party who owns property, and leases such to a lessee in exchange for monetary payment.
lien
Until the owner of a certain property carries out a legal duty to the person holding the property (such as payment of lawful charges for work done on the property), the person holding the property has the right to keep posession of that property. For example, a mortgage is a common lien.
litigation
A lawsuit, case, or controversy, authorized by law in a court of justice in order to enforce a right. Plaintiffs and defendants, the participants in a lawsuit, are known as litigants.
living trust
A trust made during the writer’s lifetime; some set up so that they can be modified during the writer’s lifetime (called "revocable" trusts). Others are "irrevocable," unable to be touched.
living will
A document stating a person’s decisions about artificial-life support; also called a medical or advance directive. This written paper states an individual’s wishes in regards to life support or other medical treatment in circumstances where death is usually imminent.
long-term care facility
Also known as a nursing home, but can be used to describe any residential facility considered a permanent home where some degree of medical attention is given.
maintenance
The monetary support, provided by one person after a divorce or separation, required by law to carry out the financial obligation that comes with marriage. Also referred to as alimony.
mortgage
Interest on a piece of land, in writing, to guarantee payment of a debt or the execution of action. Automatically voided when the debt is paid or action is performed.
negligence
If a person causes injury to another, the harm they cause is called negligence. Negligence is assessed in regards to the circumstances and standard of care that would be reasonably expected of a person in a similar situation.
notary public
A state-authorized official who can certify documents.
personal property
Usually means movable property; anything other than land or houses.
personal representative
Someone who handles the legal affairs of another, such as a power of attorney or executor.
P.O.D. account
See Totten trust.
post-nuptial agreement
An agreement made after marriage between a couple still married, taking the form of separation agreements, property settlements in the event of separation or divorce, or property settlements when there is no intention of the parties to separate.
power of attorney
A principal (a mentally comptent adult) appoints an agent or attorney-in-fact (another mentally competent adult or entity) in a written document, enabling the party to act on the principal’s behalf. The attorney-in-fact is able to perform any legal function or task which the principal has a legal right to do for him or herself.
pre-nuptial agreement
Before marriage, an agreement made by prospective spouses about property rights.
principal
The person enabling another individual or entity to act in his or her place in a power of attorney.
probate
Process by a court in which a will is determined to be valid, and a deceased person’s estate is distributed in compliance with the will’s terms.
property
Besides money any other tangible valuables, property includes any intangible right considered a source or element of income or wealth. Property is divided into real and personal property.
proxy
A person appointed in another’s place to represent him. The method by which a person is appointed is also called a proxy.
real property
Land plus all of the things attached to it; anything not real property is personal property, and personal property is what is not nailed down, dug into, or built into land.
remainderman
The person who inherits property upon the death of another.
renunciation
To give up a right.
revocable trust
A trust in which the settlor is able to change or cancel the terms.
right of survivorship
A routine of joint ownership where the remaning joint owner(s) receives title to the deceased’s interest.
self-proving will
A will with an affadavit signed by a notary public, showing that the will was correctly signed and witnessed and that is the will of the person who signed it.
settlor
Also called a trustor or grantor, the person who creates and funds a trust.
simple will
A simple will usually leaves everything to a spouse or cihldren; there is an uncomplicated estate and no itemized gifts to certain individuals.
springing durable power of attorney
A power of attorney effective only in the event of the principal’s incapacity.
SSA
The Social Security Administration, which administers Social Security retirement, disability, and survivor benefits.
SSI
Supplemental Security Income, a federal cash payment program providing monthly payments on a need basis to poor persons who are aged, blind, or disabled.
strict liability
Liability even without proof of negligence; often usable in cases of product liability against manufacturers, who may be legally responsible for harm caused by defectective products, even if they were not negligent.
tangible property
Property that is physical and can be touched; anything besides real estate or money. Intangible property (such as a checking account) does not qualify.
testamentary
A provision for property disposition after death by a will and in compliance with the desires of the decedent
testator
A person who creates, or has created, a will.
testamentary trust
A trust made by the provisions in a will, which usually comes into being after the death of the will’s writer.
totten trust
A bank account that names a death beneficiary. Upon the death of the named holder of the account, the money automatically transfers to the beneficiary. Also known as P.O.D. (Payable On Death accounts).
trust
Property given to a trustee to be handled for the benefit of a third person. The beneficiary usually receives interest and dividends on the trust assets for a fixed number of years.
trustee
The party that oversees and manages a trust; one to whom an estate has been given in trust.
will
A written, signed document created by an individual, providing for the arrangement of their property when they die.
Legal Resources
- Legal Services Corporation
National directory of free legal services providers for low-income individuals.
- American Bar Association
General consumer guide for finding legal help.
- ABA Directory of Pro Bono Programs
List of providers of free legal services.
- ABA Directory of Local Bar Associations
Local Bar associations organized by state.
- HHS Administration on Aging’s List of Legal Hotlines for Seniors
State listing of hotlines that older individuals can contact for advice.
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What is a reverse mortgage?
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1-866-690-3859
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