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Glossary

 
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Glossaries

Term Definition
Goodwill
The intangible asset that defines a businesses reputation in the community and the strength of its name as an indicator of repeat business.
guardianship
A process by which a non-parent is granted authority over a minor child, sometimes by operation of a will or trust.
heir
A person who inherits property pursuant to a will or intestate succession after the drafter's death.
heir apparent
The person likely to become an heir upon someone's death
hold over rent
Rents paid after holding over (often 150% of normal, or more).
holding over
Remaining in possession of leased premises after the term has expired.
holographic will
A will drafted in one's own handwriting.
Indemnification
A promise to stand in the place of another and absorb liabilities
Independent Contractors
A person serving a business or individul on an independent basis, compensated on a 1099 basis.
Inherit
To receive by will or trust after the death of the original property owner.
Integration
A contract clause indicating that all prior agreements are superceded and overridden by current terms of the contract.
Intellectual Property
Property that consists of concepts or methods unique to a given person or company and worth protecting to maintain competitive advantage.
intestate succession
A probate process by which the property of a person who dies not having left a will is allocated.
irrevocable trust
A trust that, by its terms, is not revocable by any person, including its maker.
joint tenancy
A form of holding title by which a death results in the balance of the title holders gaining the decedent's share by operation of law.