A Credit Shelter Trust is a type of trust that is typically used in estate planning. It is also sometimes referred to as a bypass trust or an exempt trust. The purpose of this trust is to shelter the estate of the first spouse to die from estate taxes. This is done by placing assets … Read more
A QTIP trust is a trust created for the benefit of a surviving spouse that qualifies for the marital deduction from estate taxes. The key feature of a QTIP trust is that it gives the surviving spouse the right to receive all of the income from the trust property for life, but does not give … Read more
A Special Power of Attorney is a type of Power of Attorney which grants the Attorney-in-Fact special powers that are not normally included in a Power of Attorney document. These special powers can include the authority to buy or sell real estate, enter into contracts, or make financial decisions on behalf of the Principal. In … Read more
Payable on death (POD) is a designation that allows an individual to name a beneficiary to receive assets upon their death. The designation is used for accounts such as checking, savings, and investment accounts, as well as insurance policies. POD accounts are easy to set up and do not require the involvement of a lawyer … Read more
A beneficiary of trust is an individual or entity that is designated to receive benefits from a trust. The trustee is the individual or entity that manages the trust and is responsible for distributing the trust assets to the beneficiaries. The terms of the trust determine how the assets will be distributed and the trustee … Read more
A Transfer on Death (TOD) is a type of arrangement whereby ownership of an asset (such as a bank account, securities, or real estate) is transferred to a designated beneficiary upon the death of the original owner. The TOD designation must be made in writing and filed with the asset’s custodian or administrator. TOD arrangements … Read more
An administration bond is a type of surety bond that is required in order to obtain a grant of probate or letters of administration. The bond is designed to protect the estate’s beneficiaries from any mismanagement or theft on the part of the executor or administrator. The bond is usually in the form of a … Read more
A codicil is a legal document that modifies an existing will. A codicil must be executed with the same formalities as a will and must be incorporated into the existing will either by physical attachment or by reference. A codicil that merely restates provisions of the will without adding any new provisions or making any … Read more
A disclaimer trust is a type of trust that is created for the purpose of disclaiming, or renouncing, an inheritance. The beneficiary of the disclaimer trust renounces their interest in the property that is bequeathed to them, and instead, the property is transferred to the disclaimer trust. The trustee of the disclaimer trust then manages … Read more
A trust fund is an arrangement whereby a person (the settlor) transfers property to another person (the trustee) to be held and managed for the benefit of a third person (the beneficiary). The trustee has a fiduciary duty to manage the trust fund property for the benefit of the beneficiary in accordance with the terms … Read more
