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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.
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.
Decedent
A person who is deceased.
Property
The money a person has and the things a person owns.
Heir
Those persons, including a spouse who are entitled to the property of a decedent when the decedent has left no valid will.
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.
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.
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.
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