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Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
Beneficiary
A person designated to receive the income or principal of a trust estate.
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.
Heir
Those persons, including a spouse who are entitled to the property of a decedent when the decedent has left no valid will.
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.
Estate
All of the property owned by a person, including real estate and personal property.
Property
The money a person has and the things a person owns.
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.
Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
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