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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.
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.
Revocation
In terms of wills, the process or act of canceling or destroying an existing will.
Assets
All property owned by a person that can be used or made available to use in the payment of debts and heirs.
Heir
Those persons, including a spouse who are entitled to the property of a decedent when the decedent has left no valid will.
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.
Personal representative
The person responsible for the administration of an estate. This includes paying creditors 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.
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