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Guardian
A person or entity who is appointed by the court to exercise many powers for the care of an incapacitated person, the person's estate, or both.
Escheat to the state
When no heirs have made claims to either all or part of an estate, the state receives the unclaimed estate.
Living Trust
A living trust is an estate planning device that allows a person to transfer assets to one or more persons before and after they die.
Decedent
A person who is deceased.
Jointly held bank account
A bank account that is held by two or more people each of whom has a right of survivorship.
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.
Property
The money a person has and the things a person owns.
Revocation
In terms of wills, the process or act of canceling or destroying an existing will.
Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
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.
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