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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.
Jointly held bank account
A bank account that is held by two or more people each of whom has a right of survivorship.
Revocation
In terms of wills, the process or act of canceling or destroying an existing 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.
Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
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.
Escheat to the state
When no heirs have made claims to either all or part of an estate, the state receives the unclaimed estate.
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.
Will
A legal document that directs where a person's property should go after that person dies.
Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
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