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Beneficiary
A person designated to receive the income or principal of a trust estate.
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.
Will
A legal document that directs where a person's property should go after that person dies.
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.
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.
Assets
All property owned by a person that can be used or made available to use in the payment of debts and heirs.
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.
Escheat to the state
When no heirs have made claims to either all or part of an estate, the state receives the unclaimed estate.
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.
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