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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.
Jointly held bank account
A bank account that is held by two or more people each of whom has a right of survivorship.
Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
Heir
Those persons, including a spouse who are entitled to the property of a decedent when the decedent has left no valid will.
Joint tenancy
A property held in joint tenancy is owned by two or more people who have an undivided interest in the property, and the interest continues even after the other owners die.
Codicil
An amendment to a will. It is a separate document.
Estate
All of the property owned by a person, including real estate and personal property.
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.
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