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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.
Health care directive
A legal document that lets others know one's wishes regarding medical care and treatment, funeral arrangements, organ donation, and other health care concerns.
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.
Decedent
A person who is deceased.
Property
The money a person has and the things a person owns.
Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
Will
A legal document that directs where a person's property should go after that person dies.
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.
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.
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