|
Property
The money a person has and the things a person owns.
Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
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.
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.
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.
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.
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.
Will
A legal document that directs where a person's property should go after that person dies.
|
Did You Know?