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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.
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.
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.
Heir
Those persons, including a spouse who are entitled to the property of a decedent when the decedent has left no valid will.
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.
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.
Property
The money a person has and the things a person owns.
Revocation
In terms of wills, the process or act of canceling or destroying an existing will.
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