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Will
A legal document that directs where a person's property should go after that person dies.
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.
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.
Escheat to the state
When no heirs have made claims to either all or part of an estate, the state receives the unclaimed estate.
Heir
Those persons, including a spouse who are entitled to the property of a decedent when the decedent has left no valid will.
Codicil
An amendment to a will. It is a separate document.
Estate
All of the property owned by a person, including real estate and personal property.
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.
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.
Property
The money a person has and the things a person owns.
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