If a man owed and he could not pay, he and his wife, children or servants were forced into "debt slavery" until the creditor recouped losses through their physical labour

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

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

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

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

A filing is required if the gross estate of the decedent, increased by the decedent’s adjusted taxable gifts and specific gift tax exemption, is valued at more than the filing threshold for the year of the decedent’s death, as shown in the table below

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