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

Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts

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

In the United States, assets left to a spouse who is a U

This often happens when parents or grandparents are first in line to become the administrator but renounce their rights on the grounds that they are elderly, do not possess knowledge of estate law, or feel that someone else is better suited to the task

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

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