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Will
A legal document that directs where a person's property should go after that person dies.
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).
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.
Revocation
In terms of wills, the process or act of canceling or destroying an existing will.
Beneficiary
A person designated to receive the income or principal of a trust estate.
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.
Jointly held bank account
A bank account that is held by two or more people each of whom has a right of survivorship.
Codicil
An amendment to a will. It is a separate document.
Property
The money a person has and the things a person owns.
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