Lot with lard initially excluded (4)
I believe the answer is:
fate
'lot' is the definition.
(I know that lot can be written as fate)
'with lard initially excluded' is the wordplay.
'with' is a charade indicator (letters next to each other).
'lard' becomes 'fat' (lard is a type of fat).
'initially' suggests taking the first letters.
The first letter of 'excluded' is 'e'.
'fat'+'e' is 'FATE'.
(Other definitions for fate that I've seen before include "Lot -- doom" , "Predestination" , "Final issue" , "Lady luck" , "Clotho, Lachesis or Atropos" .)