Legacy:
Personal property or money given by a will. Also called a bequest.

Letters of Administration:
The court grant appointing an administrator to administer the estate of an individual dying intestate.

Letters of Administration with Will Annexed:
The court grant appointing an administrator to administer the estate of an individual who left a will, where the named executor has died or is unable or unwilling to act.

Letters Probate:
The court grant confirming the appointment of an executor named in a will and confirming the validity of the will itself.

Life Insurance:
Insurance that provides protection against the economic loss caused by the death of the person insured.

Life Interest:
A benefit given to a beneficiary in a will that permits that beneficiary to enjoy or have the use of some property or some amount of money for the balance of the beneficiary’s lifetime only.

Life Support:
Machines used to keep a person alive by maintaining circulation and breathing.

Life Tenant:
A beneficiary who has an interest in trust property for balance of that beneficiary’s life (a life interest). For example, the beneficiary may be entitled to live in a house rent-free for life. On the death of the beneficiary, the trust property reverts to the capital beneficiary.

Limited Power of Attorney:
A power of attorney which limits your attorney to specific transactions, such as banking, the sale of real estate, or negotiating securities.

Living Trust:
A trust created by a settlor while he or she is alive. Also referred to as an inter vivos trust.

Living Will:
Also referred to as an “health care directive” or “advance medical care directive.” This document explains to family, friends, doctors and other caregivers, your personal philosophy regarding medical treatment and health care. It also conveys your wishes with respect to procedures to prolong your life in the event of terminal illness.