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Beneficiary
A person designated to receive the income or principal of a trust estate.
Estate
All of the property owned by a person, including real estate and personal property.
Decedent
A person who is deceased.
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.
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.
Revocation
In terms of wills, the process or act of canceling or destroying an existing will.
Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
Codicil
An amendment to a will. It is a separate document.
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.
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