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