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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.
Heir
Those persons, including a spouse who are entitled to the property of a decedent when the decedent has left no valid will.
Decedent
A person who is deceased.
Jointly held bank account
A bank account that is held by two or more people each of whom has a right of survivorship.
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.
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.
Escheat to the state
When no heirs have made claims to either all or part of an estate, the state receives the unclaimed estate.
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.
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