Archives: Glossary

A person entitled to benefit from a trust, will or other arrangement.

A proceeding before a judge or other judicial officer to consider a motion, a request or another matter. An evidentiary hearing takes testimony and exhibits; a non-evidentiary hearing hears argument on the papers already filed. Not every motion gets an oral hearing: a federal court may decide motions on the briefs without one (Fed. R. Civ. P. 78(b)).

An agreement resolving a dispute without a final court decision on the merits. A settlement agreement is a contract and can be enforced like one. Some settlements need court approval — for example, class action settlements (Fed. R. Civ. P. 23(e)) and, under state law and local court rules, settlements of minors’ claims. Offers and statements made in settlement negotiations are generally not admissible to prove or disprove the validity or amount of a disputed claim (Fed. R. Evid. 408). In real estate, “settlement” also means the closing of a sale or loan.

A process in which a neutral third party helps the parties try to reach a settlement.

A process in which a neutral arbitrator decides a dispute outside court, usually under an agreement of the parties.

Claim preclusion: a final judgment on the merits generally bars the same parties from relitigating the same claim.

A person who must act in another’s best interest, such as a trustee or agent.

A legal arrangement in which a trustee holds property for the benefit of one or more beneficiaries under terms set by the settlor.

The person who creates a trust. Also called the grantor or trustor in some jurisdictions.

The person or institution that holds and manages trust property for the beneficiaries.