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Estate
All of the property owned by a person, including real estate and personal property.
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.
Heir
Those persons, including a spouse who are entitled to the property of a decedent when the decedent has left no valid will.
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.
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.
Beneficiary
A person designated to receive the income or principal of a trust estate.
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.
Codicil
An amendment to a will. It is a separate document.
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