Assignment is a legal term whereby an individual, the “assignor,” transfers rights, property, or other benefits to another known as the “assignee.” This concept is used in both contract and property law. The term can refer to either the act of...
trusts, inheritances & estates
assignment for benefit of creditors
Assignment for the benefit of the creditors (ABC)(also known as general assignment for the benefit of the creditors) is a voluntary alternative to formal bankruptcy proceedings that transfers all of the assets from a debtor to a trust for...
attest
Attest means to testify or confirm that something is true, genuine, or authentic. Some common usages of the term “attest” in a legal sense include:
In the context of evidence law, cases such as this one from Ohio, explain...
attestation
Attestation is a kind of testimony or confirmation. It is customary to sign a deed, make a will or sign other written documents in the presence of a witness who also signs the document to attest to its contents and the authenticity of the...
attestation clause
An attestation clause is a provision at the end of an instrument, especially a will, that is signed by witnesses and recites the formalities required to make the instrument effective. A formal attestation clause itself can serve as prima...
augmented estate
The augmented estate is the value of a decedent’s estate used when the surviving spouse chooses to take an elective share, rather than what was left by will. The Uniform Probate Code calculates the augmented estate as all real and personal...
bankruptcy
Overview:
Bankruptcy law provides for the reduction or elimination of certain debts, and can provide a timeline for the repayment of nondischargeable debts over time. It also permits individuals and organizations to repay secured debt....
bankruptcy estate
A bankruptcy estate is the property of the debtor who filed bankruptcy. The estate includes all property in which the debtor has an interest, even if it is owned or held by another person - like obvious and tangible assets, or intangible...
beneficial owner
Beneficial owner is a person or entity who ultimately owns or controls an interest in a legal entity, such as a security, property, or interest in a trust.
In the Securities context, for example, individuals who are...
beneficiary
A beneficiary is an individual who receives benefits from a transaction via a contract (such as an insurance policy), a will, or trust.
Wills and Trusts:A beneficiary is an individual named in a will, revocable trust, or...