|
Revocation
In terms of wills, the process or act of canceling or destroying an existing 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.
Estate
All of the property owned by a person, including real estate and personal property.
Decedent
A person who is deceased.
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.
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.
Codicil
An amendment to a will. It is a separate document.
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.
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.
|
Did You Know?