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After executing a trust agreement, the settlor should ensure that all assets are properly re-registered in the name of the living trust. If assets (especially higher value assets and real estate) remain outside of a trust, then a probate proceeding may be necessary to transfer the asset to the trust upon the death of the testator.
The increased use of trusts in estate planning during the latter half of the 20th century highlighted inconsistencies in how trust law was governed across the United States. In 1993, recognizing the need for a more uniform approach, the Uniform Law Commission (ULC) appointed a study committee chaired by Justice Maurice Hartnett of the Delaware ...
Many trusts allow for additional deposits (cash, securities, real estate, etc.) at the direction of the settlor or others, provided the trustee is willing to accept those assets. It can even be funded after death by a "pour-over" provision in the grantor's last will, specifying his or her intent to transfer property from the estate to a trust.
From power of attorney to wills and trusts — here's how to prepare for end-of-life care and estate taxes.
Estate planning is the process of arranging for the management and distribution of a person’s assets after death. The primary goals of estate planning are to ensure that your wishes are carried ...
For many couples, a joint revocable trust is a valuable estate planning tool. They can be easier to manage than separate trusts and administration costs may be lower.
Residence trusts in the United States are used to transfer a grantor's residence out of the grantor's estate at a low gift tax value. Once the trust is funded with the grantor's residence, the residence and any future appreciation of the residence are excluded from the grantor's estate, if the grantor survives the term of the trust, as explained below.
QTIP trust is a type of trust and an estate planning tool used in the United States. "QTIP" is short for "Qualified Terminable Interest Property." A QTIP trust is often used in order to take advantage of the marital deduction and still control the ultimate distribution of the assets at the death of the surviving spouse.
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