In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor

In the English common law, the party who entrusts the property is known as the "settlor," the party to whom it is entrusted is known as the "trustee," the party for whose benefit the property is entrusted is known as the "beneficiary,"[1] and the entrusted property is known as the "corpus" or "trust property

The one authorized to act is the agent,[1] attorney, or in some common law jurisdictions, the attorney-in-fact

a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the jurisdiction where the deceased resided at the time of their death

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Estate planning or inheritance planning is the process of anticipating and arranging for the management of a person's estate or net worth during the person's life in preparation for future incapacity or death

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