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Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
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.
Heir
Those persons, including a spouse who are entitled to the property of a decedent when the decedent has left no valid will.
Estate
All of the property owned by a person, including real estate and personal property.
Escheat to the state
When no heirs have made claims to either all or part of an estate, the state receives the unclaimed estate.
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.
Assets
All property owned by a person that can be used or made available to use in the payment of debts and heirs.
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.
Decedent
A person who is deceased.
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.
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