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Decedent
A person who is deceased.
Property
The money a person has and the things a person owns.
Escheat to the state
When no heirs have made claims to either all or part of an estate, the state receives the unclaimed estate.
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.
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.
Estate
All of the property owned by a person, including real estate and personal property.
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.
Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
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.
Revocation
In terms of wills, the process or act of canceling or destroying an existing will.
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