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Codicil
An amendment to a will. It is a separate document.
Escheat to the state
When no heirs have made claims to either all or part of an estate, the state receives the unclaimed estate.
Conservator
A person or entity who is appointed by the court to exercise certain powers for the care of an incapacitated person, the person's estate, or both.
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.
Beneficiary
A person designated to receive the income or principal of a trust estate.
Revocation
In terms of wills, the process or act of canceling or destroying an existing will.
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.
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.
Assets
All property owned by a person that can be used or made available to use in the payment of debts and heirs.
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