Probate Law Terms and Definitions

Heir
Those persons, including a spouse who are entitled to the property of a decedent when the decedent has left no valid will.

Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).

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.

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.

Assets
All property owned by a person that can be used or made available to use in the payment of debts and heirs.

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.

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.

Jointly held bank account
A bank account that is held by two or more people each of whom has a right of survivorship.

Estate
All of the property owned by a person, including real estate and personal property.

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.