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Beneficiary
A person designated to receive the income or principal of a trust estate.
Assets
All property owned by a person that can be used or made available to use in the payment of debts and heirs.
Codicil
An amendment to a will. It is a separate document.
Decedent
A person who is deceased.
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.
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.
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.
Heir
Those persons, including a spouse who are entitled to the property of a decedent when the decedent has left no valid 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.
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.
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