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Will
A legal document that directs where a person's property should go after that person dies.
Assets
All property owned by a person that can be used or made available to use in the payment of debts and heirs.
Beneficiary
A person designated to receive the income or principal of a trust estate.
Decedent
A person who is deceased.
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.
Codicil
An amendment to a will. It is a separate document.
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.
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.
Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
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