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Heir
Those persons, including a spouse who are entitled to the property of a decedent when the decedent has left no valid will.
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.
Estate
All of the property owned by a person, including real estate and personal property.
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.
Jointly held bank account
A bank account that is held by two or more people each of whom has a right of survivorship.
Escheat to the state
When no heirs have made claims to either all or part of an estate, the state receives the unclaimed estate.
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.
Guardian
A person or entity who is appointed by the court to exercise many powers for the care of an incapacitated person, the person's estate, or both.
Decedent
A person who is deceased.
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