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

states are adapting the Uniform Trust Code to codify and harmonize their trust laws, but state-specific variations still remain

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

This means, for example, that if a principal authorizes someone to sell the principal's house or other real property, and the law requires a contract for the sale of real property to be in writing (which is required under the Statute of Frauds in most U

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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

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