Glossary – L

glossary

 

 

 
Lapse
Refers to failure of a gift because the named beneficiary is deceased. See Antilapse and Void.

Larson v. Duca, 213 Cal.App.3d 324 (1989)
Case involving issue of date of transfer for property reassessment in transfer between Parent-Child or Grandparent-Grandchild and the exclusion.

Larent Ambiguity
Is one that is not clear from the face of the document but only when the terms are applied to the facts at hand. These come in three varieties: equivocations, misdescriptions, and inaccuracies. See Patent Ambiguity.

Legal List
Is a list of approved investments for fiduciaries.

Life Estate
A particular type of ownership arrangement with two different ownership interests: a life estate interest and a remainder interest. A type of ownership interest which is extinguished by the death of some person, who may or may not be the holder of the life estate interest. If the life in question is not the life of the life estate holder, the interest is called a life estate per autre vie.

Life In Being
For Rule Against Perpetuities purposes is someone who was alive when the transfer became irrevocable.

Life Insurance
A contract by which the policy owner pays premiums to an insurer that agrees to pay a death benefit to a beneficiary upon the death of an insured. It is nonprobate property, unless the beneficiary is the estate of the deceased.

Limited Power Of Appointment
The old term to describe a non-general power of appointment.

Lineals
Ancestors and descendants in the blood line, natural born, adopted, nonmarital, and half-bloods.

Living Trust
Name of a trust created and typically funded during the settlor’s life.

Living Will
A very limited document that establishes the maker’s wishes regarding end of life or heroic medical techniques, usually articulating the desire to be allowed to die. See Durable Power Of Attorney.

LOEP
Limited Open Enrollment Period.

Laches
An equitable defense to a claim based on delay in asserting it. It is an equitable equivalent of the legal statute of limitations. However, laches is discretionary.

Lapse
The failure of a gift of property left by a will because the beneficiary dies (or entity cease to exist) before the testator, and no alternative is named.

Lapsed Gift
See Lapse.

Latent Ambiguity
An ambiguity in a will which is not apparent from reading the will.

Laughing Heirs
A term used to describe remote relatives who inherit intestate property in the absence of closer relatives.

Lawful Issue
Phrase once used to distinguish between legitimate (born in wedlock) and illegitimate (born out of wedlock) children, and their issue.

LBFP
Law Business Foundations Program.

LCPLFA
Life Care Planning Law Firms Association.

Legacy
A transfer of money by a will. See Bequest.

Legal Entity
A non-human which is treated under the law as if a person; such as trusts or corporations.

Legal List
A list of the types of investments authorized by statute in which fiduciaries are allowed to invest.

Legitimate
Child born in wedlock. As a verb, the procedure whereby an illegitimate child becomes legitimate.

LESLI
List of Eligible Surplus Lines Insurers.

Letters of Administration
Document issued by the court designating an administrator of an estate.

Letters Testamentary
Document issued by the court empowering an executor named in a will to execute the duties required by the terms of the will.

Licensees, Insurance
Accident & Health (A&H) Agent
Bail Agent
Bail Permitee
Bail Solicitor
Cargo Shippers’ Agent
Communications Equipment Insurance Agent
Credit Insurance Licensee
Life Agent Only
Life and Accident & Health Licensee
Life and Disability Analyst
Limited Lines Automobile Licensee
Motor Club
Part-Time Fraternal Agent
Personal Lines – insurance for 24 hours.
Property and Casualty
Reinsurance Intermediary-Broker
Reinsurance Intermediary-Manager
Rental Car Agent Licensing
Self-Service Storage Agent
Special Surplus Line Broker
Surplus Line Broker
Travel Agent
Vehicle Service Contract Provider
Viatical Settlement Licensee

Life Estate
An interest in property the duration of which is measured by a life in being; after which the property belongs to the ”remaindermen” outright.

Life Tenant
A person who has a life estate.

LIFO
Last In First Out.

LILO
Last In Last Out.

LIHP
Low Income Health Program.

Lineal Descendants
Persons who are directly descended from an ancestor.

LISA
Life Insurance Settlement Association.

Living Trust
Also known as an Inter Vivos Trust. Any trust set up prior to the settlor’s death.

Living Will
Instrument stating that a terminally ill individual does not want to have his or her life prolonged by enumerated extraordinary means.

LLC
Limited Liability Company.

LLLP
Limited Liability Limited Partnership.

LLM
Master of Laws.

LLP
Limited Liability Partnership.

LP
Limited Partnership.

LPA
Lasting Power of Attorney; Limited Power of Appointment. Legal Professional Association.

LPS
Legal and Patent Search. Lanterman-Petris Short Act.

LRRA
Liability Risk Retention Act.

LTA
Letters To Assessors.

LTAC
Long Term Acute Care.

LTC
Long-Term Care; Long Term Care insurance.
Benefits are triggered with the loss of two or more ADLs, or cognitive impairment (i.e. Alzheimer’s, dementia, senility, or mental illness (depression, etc.).

LTC insurance is defined as any insurance policy, certificate, or rider that provides coverage for diagnostic, preventive, therapeutic, rehabilitative, maintenance, or personal care services provided in a setting, not a hospital.

LTCG
Long-Term Capital Gain.

LTCIP
Long-Term Care Insurance Policy.

LTES
Loving Trust Educational System.

LTSS
Long Term Supports and Services.

LUTC
Life Underwriter Training Council.

LW&T
Last Will and Testament.