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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.
Codicil
An amendment to a will. It is a separate document.
Assets
All property owned by a person that can be used or made available to use in the payment of debts and heirs.
Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
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.
Decedent
A person who is deceased.
Property
The money a person has and the things a person owns.
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.
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.
Beneficiary
A person designated to receive the income or principal of a trust estate.
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