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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.
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.
Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
Beneficiary
A person designated to receive the income or principal of a trust estate.
Jointly held bank account
A bank account that is held by two or more people each of whom has a right of survivorship.
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.
Will
A legal document that directs where a person's property should go after that person dies.
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.
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