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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.
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.
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.
Assets
All property owned by a person that can be used or made available to use in the payment of debts and heirs.
Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
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.
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.
Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
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