Estate Planner Articles

June 20th, 2011

What is a Pour Over Will?

(Estate Planners) - One type of testamentary instrument that is widely used in combination with a trust that was created during a person’s lifetime is a pour over will. A pour over will typically dictates that, when the testator passes away, all assets and property that they own that have not previously been transferred into the trust during the person’s lifetime automatically pour over into the trust.

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June 13th, 2011

What is an Oral Will?

(Estate Planners) - An oral will, also sometimes referred to as a nuncupative will, as the name suggests, is merely a verbal accounting of a testator of how he or she wishes for property and assets to be distributed upon death. The oral will is similar to a traditional (written) will, but is spoken. It is rare for an oral will to be used in modern times, although it is certainly a viable option in some circumstances, such as in an emergency situation where there is no time for a written will to be prepared before death occurs.

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June 6th, 2011

What is a Joint Will?

(Estate Planners) - When two people make a will together, the instrument is known as a joint will. In a joint will, the two people making the will bequeath all of their assets and property to one another. The joint will also contains provisions concerning the distribution of assets and property when the second person passes away.

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May 30th, 2011

What is a Holographic or Handwritten Will?

(Estate Planners) - The holographic or handwritten will is a “step above” having no will at all. This type of will is considered valid in many states; in fact, in almost thirty states, even a holographic or handwritten will that has not been witnessed is valid. The holographic will must be prepared in the handwriting of the testator. Even in states that recognize the validity of a handwritten will, the laws are very strict and particular.

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May 23rd, 2011

What is a Deathbed Will?

(Estate Planners) - ather than die intestate, or without a will, some people choose to create a deathbed will when they realize that their death is imminent. The deathbed will is sometimes called a holographic will. This simply refers to the fact that it is usually handwritten. Regardless of its hasty creation, there are some jurisdictions that will recognize a deathbed will as a binding and valid last will and testament.

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May 16th, 2011

What is a Resulting Trust?

(Estate Planners) - An arrangement where one individual holds property or assets for the benefit of another individual and that is implied by the courts in particular cases where an individual transfers property to another, giving the person legal title to it without the intention of the person having beneficial or equitable interest in the property is said to be a resulting trust.

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May 9th, 2011

What is a Qualified Terminable Interest Property Trust (“QTIP Trust”)?

(Estate Planners) - The qualified terminable interest property trust or QTIP trust is sometimes also referred to as a marital qualified terminable interest property trust. This trust is established to provide a surviving spouse with lifetime income that is derived from money that is earned by the assets that are transferred to the trust.

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May 2nd, 2011

What is a Qualified Personal Residence Trust (“QPRT”)?

(Estate Planners) - Many people, when planning their estates, elect to establish a qualified personal residence trust (acronym QPRT) as a way of removing the value of their residence or home from their taxable estate. This trust is very appealing due to the fact that it will combine substantial gift and estate tax savings with very minimal lifestyle changes while also helping to avoid the fear that too much has been given away.

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April 25th, 2011

What is a Life Insurance Trust?

(Estate Planners) - When planning an estate, many people assume that if they have adequate life insurance coverage that their heirs will be well provided for. This is not always the case as federal estate tax can eat as much as fifty-five percent of the wealth of your estate before your heirs receive a dime. The life insurance trust is a type of trust that is established specifically for the purpose of owning life insurance. If the owner of the life insurance policy is also the insured, the proceeds of the insurance policy will be subjected to the federal estate tax when the insured passes away.

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April 18th, 2011

What is a Grantor Retained Income Trust (“GRIT”)?

(Estate Planners) - A grantor retained income trust, which is also known by the acronym of GRIT, is a frequently used trust that can help to reduce the amount of estate tax that is due when a person passes away with a large estate. The Grantor retained income trust can also provide an income stream for the creator of the trust that provides a steady flow of money during their lifetimes while allowing their heirs to benefit from their wealth upon the trust creator’s death. Thus, the reason for the name, grantor retained income trust.

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