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Codicil
An amendment to a will. It is a separate document.
Revocation
In terms of wills, the process or act of canceling or destroying an existing will.
Estate
All of the property owned by a person, including real estate and personal property.
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.
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.
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.
Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
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.
Jointly held bank account
A bank account that is held by two or more people each of whom has a right of survivorship.
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.
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