Estate Planning terms L

Lack of Marketability Discount: When an asset’s value is less than its initial or expected fair market value because unusual circumstances make it difficult to sell.

Lateral Succession: Method of succession in property ownership where property transfers between members of the same generation.

Letters of Administration: A probate court issued document that gives an administrator authority to manage the estate.

Letters Testamentary: A probate court issued document that gives the executor authority to manage the estate under the provisions set forth in the decedent's will.

Liability: A person or company’s financial obligations, debts, or potential losses.

Living Trust: A written legal document where one places his or her property, with directions on how it will be managed and distributed at death.
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