|
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).
Estate
All of the property owned by a person, including real estate and personal property.
Decedent
A person who is deceased.
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.
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.
Jointly held bank account
A bank account that is held by two or more people each of whom has a right of survivorship.
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.
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.
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.
|
Did You Know?