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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.
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.
Assets
All property owned by a person that can be used or made available to use in the payment of debts and heirs.
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.
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.
Revocation
In terms of wills, the process or act of canceling or destroying an existing will.
Decedent
A person who is deceased.
Beneficiary
A person designated to receive the income or principal of a trust estate.
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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