|
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.
Decedent
A person who is deceased.
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.
Will
A legal document that directs where a person's property should go after that person dies.
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.
Heir
Those persons, including a spouse who are entitled to the property of a decedent when the decedent has left no valid will.
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.
Assets
All property owned by a person that can be used or made available to use in the payment of debts and heirs.
|
Did You Know?