A fuller guide to this term is on the way. In the meantime, the related terms below explain the ideas around it.
Related MoneyPedia terms
- GuardianAn adult named to care for your minor children or a dependent if you are unable to.
- Power of AttorneyA document that lets someone you name make financial or legal decisions on your behalf if you cannot.
- Durable Power of AttorneyA power of attorney that stays in effect even if you become incapacitated and unable to make decisions.
- FiduciaryA financial professional legally required to put your interests ahead of their own when giving advice.
- Healthcare ProxyThe person you appoint to make medical decisions for you when you are unable to make them yourself.
- WillA legal document that spells out who gets your property and who cares for your children after you die.
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Plain-English education — not personalized legal, tax, or investment advice.