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Estate
All of the property owned by a person, including real estate and personal property.
Decedent
A person who is deceased.
Codicil
An amendment to a will. It is a separate document.
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.
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.
Assets
All property owned by a person that can be used or made available to use in the payment of debts and heirs.
Revocation
In terms of wills, the process or act of canceling or destroying an existing will.
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.
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