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Assets
All property owned by a person that can be used or made available to use in the payment of debts 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).
Will
A legal document that directs where a person's property should go after that person dies.
Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
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.
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.
Beneficiary
A person designated to receive the income or principal of a trust estate.
Decedent
A person who is deceased.
Estate
All of the property owned by a person, including real estate and personal property.
Property
The money a person has and the things a person owns.
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Did You Know?