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Assets
All property owned by a person that can be used or made available to use in the payment of debts and heirs.
Will
A legal document that directs where a person's property should go after that person dies.
Beneficiary
A person designated to receive the income or principal of a trust estate.
Codicil
An amendment to a will. It is a separate document.
Property
The money a person has and the things a person owns.
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.
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).
Heir
Those persons, including a spouse who are entitled to the property of a decedent when the decedent has left no valid 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.
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