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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.
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.
Decedent
A person who is deceased.
Will
A legal document that directs where a person's property should go after that person dies.
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.
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.
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.
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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