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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.
Decedent
A person who is deceased.
Will
A legal document that directs where a person's property should go after that person dies.
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.
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.
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.
Estate
All of the property owned by a person, including real estate and personal property.
Codicil
An amendment to a will. It is a separate document.
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.
Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
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