Lease

Tenancy agreement for a period of time for rent which also contains obligations to be fulfilled by both the person who lets the property (landlord) and the person who is renting the property (tenant) e.g. tenancy for a flat, business.

Legacies

These are the gifts set out in the Will and can be pecuniary - a specific sum of money e.g. £500 to my Grandson, Tom or a specific function legacy 'my grand piano to my Grand daughter Jane' or a Gift of Residue - that is everything that is left after the liabilities, tax, administration costs and legacies are paid.

Legal Aid

The everyday name of what is now called Public Funding.

Letters Of Administration

These are granted by the Court to a person entitled under the Intestacy Rules (the Administrator) to enable him/her to deal with the intestate deceased's assets and distribute to the Beneficiaries entitled under the Intestacy Rules.

License

An authority to do something which would otherwise be inoperative, illegal or wrongful e.g. to enter on land which would otherwise be trespass.

Life Tenant

The person under either a will or under a trust who is entitled to the income (interest) form the Trust Fund.

Liquidator

A person appointed to wind up a company.

Living Wills

Otherwise known as 'advance directives'. They are written instructions made by a person when of sound mind stating in what circumstances medical treatment should not continue and would be used where the patient was unable at the time to make the decision e.g. unconscious.