Testator/testatrix: The creator of a will
Executor: The person who will carry out the will and is designated by the testator/testatrix
Beneficiaries: The people or organizations who receive what’s detailed in the will
Probate: The judicial process where a will is “proved” in a court of law and accepted as a valid public document. This allows the contents of the will to be enacted. Also the process where the assets of the deceased are settled according to the laws of intestacy in the state of residence of the deceased at the time of death
Beneficiary Deed: A legal document that can transfer property in the future such as in the event of your passing
Interstate: Dying without a will
Will: A legal document that specifies your wishes regarding the distribution of your estate – your (testator/testatrix) property and assets – contains specific instructions or personal messages and specifies the care of any dependents after your death
General Power of Attorney (POA): A legal authorization that allows one or more people to make decisions on your behalf. Most of these documents allow a person to make decisions in all property and financial matters as long as the your mental state of mind is good. A person granted power of attorney may be authorized to handle bank accounts, sign checks, sell property, manage assets, and file taxes for the principal (American bar – POA)
Durable Power of Attorney: A type of POA that allows a person or people to continue making decisions on your behalf even when you are incapacitated, unavailable, or unable to manage your care. It remains valid until your (principal’s) death
Principal: The person who grants the power of attorney to another person
Agent/attorney-in-fact: The person who makes the decisions for the principal in a POA
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