Bankrupt is not the only legal status that an insolvent person may have, meaning the term bankruptcy is not a synonym for insolvency

However the feoffee had no legal obligations to the beneficiary in English common law, so after the death of the feoffor, there was no one to enforce the promises made by the feoffee or his ancestor

It is possible to get a professional executor to renounce their role, meaning they will have no part in dealing with the estate; or to reserve their power, which means the remaining executors will carry out the related duties, but without the involvement of the professional executor

Jump to content Main menu Main menu move to sidebar hide Navigation Main page Contents Current events Random article About Wikipedia Contact us Contribute Help Learn to edit Community portal Recent changes Upload file Special pages

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

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

Most relatively simple estates (cash, publicly traded securities, small amounts of other easily valued assets, and no special deductions or elections, or jointly held property) do not require the filing of an estate tax return