Peace Talks Glossary
Peace Talks 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.
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