A holographic will is a will that is entirely handwritten by the person who is making the will (the “testator”). There is no formal format that a holographic will must follow, and there is no need for witnesses or for the will to be notarized. The main advantage of a holographic will is that it … Read more
A trustor is an individual who creates a trust. The trustor transfers legal title of property to a trustee, who then manages the property for the benefit of a third party, known as the beneficiary. How do you tell if a trust is a grantor trust? The main difference between a grantor trust and a … Read more
A trust is a legal arrangement in which one person, called the trustor, gives property to another person, called the trustee, to hold for the benefit of a third person, called the beneficiary. The trustee has a legal duty to manage the trust property for the benefit of the beneficiary, and the beneficiary has a … Read more
A trust receipt is a document used in trust and estate planning. It is used to transfer assets from one party to another, while retaining some control over the assets by the first party. The first party is typically the trustee, who holds the assets on behalf of the second party, the beneficiary. The trust … Read more
Escheat is the process by which property or assets that have been abandoned by their owner are transferred to the state. This usually happens when the owner dies without any heirs or when the owner cannot be located. The state then becomes the owner of the property or assets and is responsible for their management … Read more
A living trust is a legal document that establishes a trust fund to hold assets for the benefit of specified beneficiaries. The person who creates the trust, known as the grantor, can name themselves as the trustee, or they can appoint someone else to manage the trust. The trustee has a fiduciary duty to manage … Read more
A remainderman is the person who is entitled to receive the property that is left in a trust after the death of the trust’s primary beneficiary. The primary beneficiary is the person who is entitled to receive the income from the trust during their lifetime. Are remainderman beneficiaries? A remainderman beneficiary is someone who is … Read more
A qualified domestic trust (QDOT) is a special type of trust that is used to hold assets for the benefit of a non-U.S. citizen spouse. The QDOT must meet certain requirements in order to qualify for certain tax benefits, such as the deferral of estate taxes. A QDOT can be used to hold any type … Read more
A dynasty trust is a type of trust that is designed to last for multiple generations. The trust is typically set up so that thetrustee has the discretion to distribute the trust assets among the beneficiaries according to the terms of the trust. The trust can be structured so that it pays out income to … Read more
A bequest is a gift of personal property that is made through a person’s will. The bequest can be made to an individual, a group of people, or an organization, and it can be for a specific purpose or for general use. Bequests are often made to charities, and they can be used to fund … Read more
