Irrevocable Trust
A trust, created at when you are living or by your will when you die, that you cannot amend or revoke. Often, the assets in…
Category: Lexicon
Revocable Living Trust
A trust created while you are living. Living trusts do not protect assets because, except for probate law, the assets inside the trust are owned…
Community Property
Property owned jointly by two spouses in community property states. The community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and…
Personal Property
Property that is not real estate, i.e., land, or real property, the legal interests that attach to land, e.g., covenants, mineral rights, or easements. Personal…
Advance Directive, aka “Living Will”
Advance Directive, also known as a Directive to Physician, is health care document required when an Health Care Agent has decided to request the withd…
Ademption
Ademption refers to a probate procedure that resolves bequest with specific assets were not own when the the Will was admitted to probate.
Abatement
AbatementThe term “abatement” means “removal.” In the context of property tax, abatement refers to an agreement between a taxing agency and a taxpayer in which…