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Codicil
An amendment to a will. It is a separate document.
Will
A legal document that directs where a person's property should go after that person dies.
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.
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.
Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
Escheat to the state
When no heirs have made claims to either all or part of an estate, the state receives the unclaimed estate.
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.
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.
Beneficiary
A person designated to receive the income or principal of a trust estate.
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