This may be done for tax reasons or to control the property and its benefits if the settlor is absent, incapacitated, or deceased

The term is often described as having originated in Renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment

[5] If a person without a durable power in place does not have the capacity to execute a power of attorney, the only way for another party to act on their behalf may be to have a court impose a conservatorship or a guardianship

The probated will then becomes a legal instrument that may be enforced by the executor in the law courts if necessary

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Assets left to any other heir, including the decedent's children, may be taxed if that portion of the estate has a value in excess of the lifetime gift, estate, and generation-skipping transfer tax exemption amount

It consists of an accounting of everything you own or have certain interests in at the date of death (Refer to Form 706 PDF)