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Will
A legal document that directs where a person's property should go after that person dies.
Beneficiary
A person designated to receive the income or principal of a trust estate.
Power of attorney
A legal agreement that authorizes someone to handle or share in handling the financial matters of another person. A "durable" power of attorney can continue to give power to another in handling financial matters after incapacitation has occurred.
Conservator
A person or entity who is appointed by the court to exercise certain powers for the care of an incapacitated person, the person's estate, or both.
Payable on death account (POD)
An account, such as a bank account, that is handed over to a specified person upon another person's death.
Escheat to the state
When no heirs have made claims to either all or part of an estate, the state receives the unclaimed estate.
Joint tenancy
A property held in joint tenancy is owned by two or more people who have an undivided interest in the property, and the interest continues even after the other owners die.
Attorney-in-fact
This person receives the powers allocated in a power of attorney, such as a right to handle another person's financial matters.
Estate
All of the property owned by a person, including real estate and personal property.
Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
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