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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.
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.
Codicil
An amendment to a will. It is a separate document.
Beneficiary
A person designated to receive the income or principal of a trust estate.
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.
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.
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.
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.
Revocation
In terms of wills, the process or act of canceling or destroying an existing will.
Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
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