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

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

The examples and perspective in this article deal primarily with the United States and English-speaking world and do not represent a worldwide view of the subject

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

Although relatives of the deceased frequently receive priority over all others, creditors of the deceased and 'any other citizen [of that jurisdiction]'[citation needed] may act as an administrator if there is some cognizable reason or relationship to the estate

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After the net amount is computed, the value of lifetime taxable gifts (beginning with gifts made in 1977) is added to this number and the tax is computed