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Assets
All property owned by a person that can be used or made available to use in the payment of debts and heirs.
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.
Revocation
In terms of wills, the process or act of canceling or destroying an existing will.
Jointly held bank account
A bank account that is held by two or more people each of whom has a right of survivorship.
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.
Codicil
An amendment to a will. It is a separate document.
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.
Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
Decedent
A person who is deceased.
Heir
Those persons, including a spouse who are entitled to the property of a decedent when the decedent has left no valid will.
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