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Decedent
A person who is deceased.
Jointly held bank account
A bank account that is held by two or more people each of whom has a right of survivorship.
Codicil
An amendment to a will. It is a separate document.
Escheat to the state
When no heirs have made claims to either all or part of an estate, the state receives the unclaimed estate.
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.
Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
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.
Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
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