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Beneficiary
A person designated to receive the income or principal of a trust estate.
Assets
All property owned by a person that can be used or made available to use in the payment of debts and heirs.
Personal representative
The person responsible for the administration of an estate. This includes paying creditors 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.
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.
Revocation
In terms of wills, the process or act of canceling or destroying an existing will.
Will
A legal document that directs where a person's property should go after that person dies.
Decedent
A person who is deceased.
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.
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.
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