Probate Glossary of Terms

Assets: 
All property owned by a person that can be used or made available to use in the payment of debts and heirs.

Attorney-In-Fact: 
A person who receives the powers allocated by a power of attorney, such as a right to handle another person’s financial matters.

Beneficiary: 
A person or entity designated to receive property under a will or to receive the income or principal of a trust.

Codicil: 
A document that amends or supplements a will. 

Conservator: 
A person or entity who is appointed by the court to make financial decisions on behalf of the impaired person.

Decedent: 
A person who is deceased.

Escheat to the State: 
When no heirs have made claims to either all or part of an estate, the state receives the unclaimed estate.

Estate: 
All of the property owned by a person, including real estate and personal property.

Guardian: 
A person or entity who is appointed by the court to perform duties related to the personal care, custody and control of the incapacitated person.

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.

Heirs: 
Those persons, including a spouse, who are entitled to the property of a decedent when the decedent has left no valid will.

Jointly Held Bank Account: 
A bank account that is held by two or more people, each of whom has a right of survivorship.

Joint Tenancy: 
A property held in joint tenancy is owned by two or more people who have an undivided interest in the property, and the interest continues even after the other owners die.

Living Trust: 
A living trust, also called an inter-vivos trust, is an estate planning device that allows a person to transfer assets to one or more persons before and after they die.

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: 
A person responsible for the administration of an estate. This includes paying creditors and heirs.

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.

Probate: 
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).

Property: 
The money a person has and the things a person owns.

Revocation: 
In terms of wills, the process or act of canceling or destroying an existing will. 

Will:
A legal document that directs where a person’s property should go after that person dies.