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?
Category: Surviving Spouse
Intestacy is Possibly the Worst Mistake for Families of Modest Means
Thinking About Not Writing a Will Because You Believe You Don’t Have Enough Resources? Think Again. Writing a Will is something most of us know we eventually have to do, but none of us really want to start. Some people believe it is too complicated. Other people don’t want to think about death. Some folks believe that the law … Continue reading Intestacy is Possibly the Worst Mistake for Families of Modest Means
Is Spouse Automatically Your Beneficiary?
People make a grave error when they don’t have a will because they think their surviving spouse will automatically inherit all of their worldly goods. The laws of intestacy work differently, as explained in an article “Estate Planning: The spouse doesn’t always get everything” from nwi.com. The surviving spouse rarely receives everything under the intestate laws. This often … Continue reading Is Spouse Automatically Your Beneficiary?
What’s More Important: an Estate Plan or Trust?
A will makes a one-time transfer of assets after death, while trusts allow assets to be transferred during life and after death. Each one has an important role to play in managing assets and protecting loved ones, reports an article “Estate vs. Trust: Do You Really Understand the Difference” from yahoo!. An “estate” in this sense is everything … Continue reading What’s More Important: an Estate Plan or Trust?
Is an Estate Plan Battle Looming?
Some people don’t create an estate plan before they die. Or, if they do, they failed to have an estate plan created with an experienced estate planning attorney and their will is unclear, or even invalid. They might die with debts conflicting with their wishes. These and other situations can lead to a long and … Continue reading Is an Estate Plan Battle Looming?
How Do You Stop a Sibling from Stealing an Inheritance?
If the parent does not have a will, there may be questions about which sibling should inherit what. This gets complicated fast. State law can define siblings’ rights after parents’ deaths, explains an article from yahoo!, “Can a Sibling Take Your Inheritance?” An estate planning attorney can be a valuable resource, regardless of the size of the … Continue reading How Do You Stop a Sibling from Stealing an Inheritance?
What Does a Last Will and Testament Do?
Your will is the foundation of an estate plan, used to instruct your executor on distributing property, naming a guardian for minor children, creating a legacy and ensuring that your beneficiaries receive what you want. The will can also serve to disinherit a family member, as explained in the article “Last will can both include and … Continue reading What Does a Last Will and Testament Do?
What Happens When Property Is Owned Jointly and an Owner Dies?
When property is owned jointly, the property may pass automatically to the other owner, passing without going through probate, according to an article titled “Everything you need to know about jointly owned property and wills” from TBR News Media Your will only concerns assets in your name alone without a designated beneficiary. Let’s say you have a joint … Continue reading What Happens When Property Is Owned Jointly and an Owner Dies?
What Happens When There Is No Will?
A will ensures that your personal and financial assets are given to the people and organizations you want. It also allows you to choose the person you want to settle your affairs, known as your executor. The time to have a will prepared is typically the same time people have a power of attorney and … Continue reading What Happens When There Is No Will?