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Beneficiary
A person designated to receive the income or principal of a trust 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.
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.
Heir
Those persons, including a spouse who are entitled to the property of a decedent when the decedent has left no valid will.
Revocation
In terms of wills, the process or act of canceling or destroying an existing will.
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.
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.
Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
Assets
All property owned by a person that can be used or made available to use in the payment of debts and heirs.
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