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Today's Terms
Power of attorney
Definition:
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.
Personal representative
Definition:
The person responsible for the administration of an estate. This includes paying creditors and heirs.
Estate
Definition:
All of the property owned by a person, including real estate and personal property.
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