|
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.
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.
Revocation
In terms of wills, the process or act of canceling or destroying an existing will.
Jointly held bank account
A bank account that is held by two or more people each of whom has a right of survivorship.
Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
Beneficiary
A person designated to receive the income or principal of a trust estate.
Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
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.
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.
Escheat to the state
When no heirs have made claims to either all or part of an estate, the state receives the unclaimed estate.
|
Did You Know?