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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.
Decedent
A person who is deceased.
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.
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.
Estate
All of the property owned by a person, including real estate and personal property.
Assets
All property owned by a person that can be used or made available to use in the payment of debts and heirs.
Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
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.
Escheat to the state
When no heirs have made claims to either all or part of an estate, the state receives the unclaimed estate.
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