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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.
Will
A legal document that directs where a person's property should go after that person dies.
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.
Jointly held bank account
A bank account that is held by two or more people each of whom has a right of survivorship.
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.
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.
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.
Assets
All property owned by a person that can be used or made available to use in the payment of debts and heirs.
Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
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