After the testator dies, the person named in the will as executor can decline or renounce the position, and if so should quickly notify the probate court accordingly

Courts can reverse a trustee's actions, order profits returned, and impose other sanctions if they find a trustee has failed in their duties

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

If someone is already incapacitated, it is not possible for that person to execute a valid power, although in some jurisdictions, it may be possible for someone to have the capacity to execute a power of attorney even if they do not have the capacity to make the decisions that they are delegating

of income tax, gift tax, capital gains tax, inheritance tax, and generation-skipping transfer tax plays a significant role in choosing the structure and vehicles used to create an estate plan

" The includible property may consist of cash and securities, real estate, insurance, trusts, annuities, business interests and other assets

Court Programs Bankruptcy Bankruptcy helps people who can no longer pay their debts get a fresh start by liquidating assets