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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.
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.
Estate
All of the property owned by a person, including real estate and personal property.
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.
Heir
Those persons, including a spouse who are entitled to the property of a decedent when the decedent has left no valid will.
Assets
All property owned by a person that can be used or made available to use in the payment of debts and heirs.
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.
Decedent
A person who is deceased.
Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
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