|
Codicil
An amendment to a will. It is a separate document.
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.
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.
Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
Beneficiary
A person designated to receive the income or principal of a trust estate.
Heir
Those persons, including a spouse who are entitled to the property of a decedent when the decedent has left no valid will.
Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
Jointly held bank account
A bank account that is held by two or more people each of whom has a right of survivorship.
Property
The money a person has and the things a person owns.
Decedent
A person who is deceased.
|
Did You Know?