|
Beneficiary
A person designated to receive the income or principal of a trust estate.
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.
Heir
Those persons, including a spouse who are entitled to the property of a decedent when the decedent has left no valid will.
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.
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.
Codicil
An amendment to a will. It is a separate document.
Will
A legal document that directs where a person's property should go after that person dies.
Property
The money a person has and the things a person owns.
Power of attorney
A legal agreement that authorizes someone to handle or share in handling the financial matters of another person. A "durable" power of attorney can continue to give power to another in handling financial matters after incapacitation has occurred.
|
Did You Know?