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