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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.
Will
A legal document that directs where a person's property should go after that person dies.
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.
Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
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.
Revocation
In terms of wills, the process or act of canceling or destroying an existing 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.
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.
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.
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