A multiple party account is an account held in any sort of financial intermediary, such as a bank or brokerage firm. The account is registered in the names of more than one person. Multiple party accounts are considered a type of will...
money and financial problems
mutual fund
A mutual fund is an entity registered and run by an investment company or investment bank. The shareholders of a mutual fund invest money in the fund, which is run by the professional team who anticipate a high return. Commonly the mutual...
mystic will
A mystic will is a last will and testament in which the contents of the written will are kept secret until probate. In this manner, mystic wills serve the purpose of preventing individuals other than the testator from learning the contents of...
negative income
"Negative income" typically refers to a situation where an individual or entity's total expenses exceed their total income, resulting in a net loss. It is also commonly known as a "negative taxable income" or "tax loss." It is important to...
negative will
A negative will is a will in which the testator attempts to disinherit a person by stating that desire directly, for example “I disinherit X.” Usually, a negative will becomes an issue in cases of possible intestacy when a state’s probate...
negotiable instrument
A negotiable instrument, sometimes called an instrument, is any financial document that directs payment to its holder or a named party. More specifically, a negotiable instrument must be written, signed by the maker, include an unconditional...
negotiable instruments
Negotiable instruments are mainly governed by state statutory law. Every state has adopted Article 3 of the Uniform Commercial Code (UCC), with some modifications, as the law governing negotiable instruments. The UCC defines a negotiable...
net estate
Net estate is the remainder of the estate that gets distributed to heirs and beneficiaries after relevant expenses have been deducted, such as taxes, debt, probate administration fees, and funeral expenses. The decedent’s estate at the time...
net income
Net income, also known as net earnings, is income received after mandatory withholdings and deductions, such as state and federal income tax and Social Security contributions. Specifically, net income is gross income minus these mandatory...
net probate estate
A net probate estate is the entirety of a decedent’s estate that goes through administration by a probate court. It excludes will substitutes.
See also: net estate, probate estate and gross estate.
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