|
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.
Assets
All property owned by a person that can be used or made available to use in the payment of debts and heirs.
Jointly held bank account
A bank account that is held by two or more people each of whom has a right of survivorship.
Property
The money a person has and the things a person owns.
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.
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.
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.
Revocation
In terms of wills, the process or act of canceling or destroying an existing will.
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.
|
Did You Know?