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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.
Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
Estate
All of the property owned by a person, including real estate and personal property.
Heir
Those persons, including a spouse who are entitled to the property of a decedent when the decedent has left no valid will.
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.
Codicil
An amendment to a will. It is a separate document.
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.
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.
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