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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.
Beneficiary
A person designated to receive the income or principal of a trust estate.
Decedent
A person who is deceased.
Heir
Those persons, including a spouse who are entitled to the property of a decedent when the decedent has left no valid will.
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.
Assets
All property owned by a person that can be used or made available to use in the payment of debts and heirs.
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.
Jointly held bank account
A bank account that is held by two or more people each of whom has a right of survivorship.
Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
Codicil
An amendment to a will. It is a separate document.
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