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Beneficiary
A person designated to receive the income or principal of a trust estate.
Heir
Those persons, including a spouse who are entitled to the property of a decedent when the decedent has left no valid will.
Assets
All property owned by a person that can be used or made available to use in the payment of debts and heirs.
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.
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.
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.
Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
Estate
All of the property owned by a person, including real estate and personal property.
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