|
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.
Estate
All of the property owned by a person, including real estate and personal property.
Jointly held bank account
A bank account that is held by two or more people each of whom has a right of survivorship.
Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
Property
The money a person has and the things a person owns.
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.
Revocation
In terms of wills, the process or act of canceling or destroying an existing will.
Escheat to the state
When no heirs have made claims to either all or part of an estate, the state receives the unclaimed estate.
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.
Assets
All property owned by a person that can be used or made available to use in the payment of debts and heirs.
|
Did You Know?