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Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
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.
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.
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.
Health care directive
A legal document that lets others know one's wishes regarding medical care and treatment, funeral arrangements, organ donation, and other health care concerns.
Escheat to the state
When no heirs have made claims to either all or part of an estate, the state receives the unclaimed estate.
Codicil
An amendment to a will. It is a separate document.
Beneficiary
A person designated to receive the income or principal of a trust estate.
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.
Revocation
In terms of wills, the process or act of canceling or destroying an existing will.
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