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For companies, formal bankruptcy is a normal effect of insolvency, even if there is a reconstruction mechanism where the company can be given time to solve its situation, e
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https://en.wikipedia.org/wiki/Bankruptcy
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
https://en.wikipedia.org/wiki/Probate
The probated will then becomes a legal instrument that may be enforced by the executor in the law courts if necessary
https://en.wikipedia.org/wiki/Estate_planning
The planning includes the bequest of assets to heirs, loved ones, and/or charity, and may include legal tax avoidance
https://en.wikipedia.org/wiki/Trust_law
This may be done for tax reasons or to control the property and its benefits if the settlor is absent, incapacitated, or deceased
https://en.wikipedia.org/wiki/Power_of_attorney
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