Estate Planning Glossary: L
Lateral succession: Succession of property ownership in which the property is transferred between members of the same generation.
Letters of Administration: Document issued by the probate court giving the administrator authority to administer the estate.
Letters Testamentary: Document issued by the probate court giving the executor authority to administer the estate.
Liabilities: The amounts owed to another by any person, family, or business (i.e. a mortgage).
Living trust: A trust established during the lifetime of the grantor.
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