|
Heir
Those persons, including a spouse who are entitled to the property of a decedent when the decedent has left no valid will.
Jointly held bank account
A bank account that is held by two or more people each of whom has a right of survivorship.
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.
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).
Conservator
A person or entity who is appointed by the court to exercise certain powers for the care of an incapacitated person, the person's estate, or both.
Decedent
A person who is deceased.
Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
Will
A legal document that directs where a person's property should go after that person dies.
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.
|
Did You Know?