Taxation is a governmental assessment upon property value, transactions, and estates of the deceased, licenses granting a right and/or income, and duties on imports from foreign countries. It includes all contributions imposed by the government upon individuals for the service of the state.
Commercial law, also known as business law or corporate law, is the body of law that applies to the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales. It is often considered to be a branch of civil law and deals with issues of both private law and public law.
Probate is the legal process whereby a will is "proved" in a court and accepted as a valid public document that is the true last testament of the deceased. A probate court decides the legal validity of a testator's (deceased person's) will and grants its approval, also known as granting probate, to the executor.
A will or testament is a legal document by which a person, the testator, expresses their wishes as to how their property is to be distributed at death, and names one or more persons, the executor, to manage the estate until its final distribution.
A trust is a relationship whereby one party for the benefit of another holds property. A settlor, who transfers property to a trustee, creates a trust. The trustee holds that property for the trust's beneficiaries. Trusts exist mainly in common law jurisdictions and similar systems existed since Roman times.
An estate is the net worth of a person at any point in time alive or dead. It is the sum of a person's assets - legal rights, interests and entitlements to property of any kind -E less all liabilities at that time. The issue is of special legal significance on a question of bankruptcy and death of the person.
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