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

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

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

Estate planning or inheritance planning is the process of anticipating and arranging for the management of a person's estate or net worth during the person's life in preparation for future incapacity or death

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

Court Role and Structure The judicial branch is one of the three separate and distinct branches of the federal government

The fair market value of these items is used, not necessarily what you paid for them or what their values were when you acquired them