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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.
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.
Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
Beneficiary
A person designated to receive the income or principal of a trust estate.
Codicil
An amendment to a will. It is a separate document.
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.
Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
Property
The money a person has and the things a person owns.
Heir
Those persons, including a spouse who are entitled to the property of a decedent when the decedent has left no valid 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.
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