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Escheat to the state
When no heirs have made claims to either all or part of an estate, the state receives the unclaimed estate.
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.
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.
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.
Codicil
An amendment to a will. It is a separate document.
Decedent
A person who is deceased.
Property
The money a person has and the things a person owns.
Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
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.
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