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

Federal income tax purposes, a life insurance trust could be used to pay estate taxes

In the English common law, the party who entrusts the property is known as the "settlor," the party to whom it is entrusted is known as the "trustee," the party for whose benefit the property is entrusted is known as the "beneficiary,"[1] and the entrusted property is known as the "corpus" or "trust property

The one authorized to act is the agent,[1] attorney, or in some common law jurisdictions, the attorney-in-fact

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

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

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