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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.
Beneficiary
A person designated to receive the income or principal of a trust estate.
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.
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.
Revocation
In terms of wills, the process or act of canceling or destroying an existing will.
Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
Escheat to the state
When no heirs have made claims to either all or part of an estate, the state receives the unclaimed estate.
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.
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