|
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.
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.
Decedent
A person who is deceased.
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.
Heir
Those persons, including a spouse who are entitled to the property of a decedent when the decedent has left no valid will.
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.
Escheat to the state
When no heirs have made claims to either all or part of an estate, the state receives the unclaimed estate.
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.
Beneficiary
A person designated to receive the income or principal of a trust estate.
Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
|
Did You Know?