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August 29th, 2011

What is a Simple Trust?

(Estate Planners) - As far as the Internal Revenue Service is concerned, and for the purpose of taxation, there are two types of trusts, simple and complex. If a trust is classified as simple, this merely refers to how the trustee distributes income to the beneficiaries of the trust.

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July 11th, 2011

What is a Statutory Will?

(Estate Planners) - One of the simplest wills is the statutory will. The statutory will is a standard legal form that a testator (person making a will) completes by filling in particular information and checking boxes. The statutory will is binding and considering legally valid in only a handful of states, so simply downloading and printing a statutory will form and then filling it out certainly gives no guarantees that it will ever be accepted in the jurisdiction where you live, unless you have checked to be sure that your state recognizes such a form.

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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 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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March 21st, 2011

What is a Revocable Trust?

(Estate Planners) - If you have concerns about how the beneficiaries of your estate will manage their inheritance when you have passed away, a revocable trust may be the best option for you. There is often at least one heir in the family who has trouble managing their money, and leaving that individual with a large sum could end up with disastrous results.

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January 17th, 2011

What is a Constructive Trust?

(Estate Planners) - One type of trust that no one wants to be involved in is the constructive trust. The constructive trust is basically a legal concept that has been created by the courts against someone who – through wrongdoing, fraud, or other unconscionable act, obtains or holds legal rights to property that he or she is not entitled to keep or enjoy.

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