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Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
Jointly held bank account
A bank account that is held by two or more people each of whom has a right of survivorship.
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.
Assets
All property owned by a person that can be used or made available to use in the payment of debts and heirs.
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.
Escheat to the state
When no heirs have made claims to either all or part of an estate, the state receives the unclaimed estate.
Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
Property
The money a person has and the things a person owns.
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.
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.
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