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

An attorney-in-fact may be a layperson and is authorized to act pursuant to the powers granted by a power of attorney but may not engage in acts that would constitute the unauthorized practice of law

Benefactors would convey land for the use of the friars to a suitable local person (the feoffee) to hold legal fee simple title, while promising to allow the friars to live on and receive the profits of the land

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

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

Note that simplified valuation provisions apply for those estates without a filing requirement absent the portability election