Most people realize the importance of the last will and testament. However, they remain unaware of the importance of a durable power of attorney. This document authorizes another person to act on your behalf while you are alive and expires upon death, as explained in an article titled “Power of attorney likely to be first vital … Continue reading What Is a Power of Attorney and Is It Important?
Category: Principal
What Is a QTIP Trust?
A Qualified Terminable Interest Property Trust, or QTIP, is a trust allowing the person who makes the trust (the grantor) to provide for a surviving spouse while maintaining control of how the trust’s assets are distributed once the surviving spouse passes, as explained in the article “QTIP Trusts” from Investopedia. QTIPs are irrevocable trusts, commonly used by people … Continue reading What Is a QTIP Trust?