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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.
Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
Escheat to the state
When no heirs have made claims to either all or part of an estate, the state receives the unclaimed estate.
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).
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.
Codicil
An amendment to a will. It is a separate document.
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.
Decedent
A person who is deceased.
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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