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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.
Estate
All of the property owned by a person, including real estate and personal property.
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.
Decedent
A person who is deceased.
Codicil
An amendment to a will. It is a separate document.
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.
Health care directive
A legal document that lets others know one's wishes regarding medical care and treatment, funeral arrangements, organ donation, and other health care concerns.
Jointly held bank account
A bank account that is held by two or more people each of whom has a right of survivorship.
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.
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