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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.
Property
The money a person has and the things a person owns.
Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
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.
Escheat to the state
When no heirs have made claims to either all or part of an estate, the state receives the unclaimed estate.
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.
Decedent
A person who is deceased.
Revocation
In terms of wills, the process or act of canceling or destroying an existing will.
Will
A legal document that directs where a person's property should go after that person dies.
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