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Jointly held bank account
A bank account that is held by two or more people each of whom has a right of survivorship.
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.
Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
Estate
All of the property owned by a person, including real estate and personal property.
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.
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.
Property
The money a person has and the things a person owns.
Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
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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