Probate, Wills and Adoptions Glossary Terms

Patents protect inventions and improvements to existing inventions. A patent grants an inventor permission to exclude others from making, using, offering for sale, or selling their invention in the United States or importing their invention into the United States. There are three types of patents: utility, design, and plant. Typically, utility and plant patent last 20 years from filing and design patents have a term of 14 years. A utility patent will expire during its term unless appropriate maintenance fees are timely paid. The U.S. Patent and Trademark Office (USPTO) issues patents but the owner has to enforce the patent without the help of the USPTO. Patents are issued and enforced by country.

Refers to financial accounts that immediately transfer to a named person (beneficiary) on your death. The beneficiary has no access to the funds during your lifetime. Common Payable on Death accounts are life insurance, annuities, and retirement funds, all of which typically require that you name a beneficiary to whom the assets will immediately pass upon your death. Other accounts, like savings or checking accounts can also be set up as Payable on Death, so that the monies are not required to be dispersed by probate court.

The party (individual) or entity who starts a lawsuit against another party (the defendant) in a court of law.