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Today's Terms
Escheat to the state
Definition:
When no heirs have made claims to either all or part of an estate, the state receives the unclaimed estate.
Jointly held bank account
Definition:
A bank account that is held by two or more people each of whom has a right of survivorship.
Power of attorney
Definition:
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.
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