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The usual order of accounts in the general ledger is
Will Substitutes
Non-probate methods for transferring assets upon death, such as trusts, joint tenancies, and payable-on-death accounts, designed to avoid the probate process.
Joint Tenancy
A form of co-ownership where two or more individuals hold equal shares in a property, with the right of survivorship.
Life Insurance
A contract between an insurance policyholder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person.
Patient Self-Determination Act
A federal legislation that ensures patients in healthcare facilities receive information about their rights, including advance directives and the refusal of medical treatment.
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