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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.
Decedent
A person who is deceased.
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.
Will
A legal document that directs where a person's property should go after that person dies.
Heir
Those persons, including a spouse who are entitled to the property of a decedent when the decedent has left no valid will.
Jointly held bank account
A bank account that is held by two or more people each of whom has a right of survivorship.
Assets
All property owned by a person that can be used or made available to use in the payment of debts and heirs.
Beneficiary
A person designated to receive the income or principal of a trust estate.
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.
Codicil
An amendment to a will. It is a separate document.
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