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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.
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.
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.
Will
A legal document that directs where a person's property should go after that person dies.
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.
Assets
All property owned by a person that can be used or made available to use in the payment of debts and heirs.
Escheat to the state
When no heirs have made claims to either all or part of an estate, the state receives the unclaimed estate.
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.
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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