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What is My Last Will
(www.MyLastWill.com)?
My Last Will (www.MyLastWill.com) is the premium internet address and best domain name for advertising your law firm, accounting firm or certified financial planning business, as well as providing;
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What
is a "Last Will and Testament"?
A last will and testament is legal
document made by a "testator" who names one or more persons to manage
his or her estate and. The last will and testament provides for the transfer of
the testator's property after his or her death.
A
person who dies without a will dies "intestate."
Legally speaking, a person's last will has been limited to real property while
and a person's "testament" applies to the dispositions of their personal property
- which is how the phrase "last will and testament" came about.
What
is a QTIP Trust?
The
letters, "QTIP" mean Qualified Terminable Interest Trust,
and is pronounced "Q-Tip."
A QTIP Trust is a trust that provides an unlimited marital deduction for
"qualified property" that is placed into the trust.
There are several reasons why someone might want to establish a QTIP
Trust, including the fact that the surviving spouse in a QTIP Trust, has
full power to distribute the trusts properties and assets to anyone that
he or she so desires.
The QTIP Trust restricts the surviving spouse from distributing the assets and property in the trust to a select group of individuals, such as their children, as agreed when both spouses were living.
There are QTIP laws that prevents any attempt to "tie down" the trust's assets or property and also restrict the surviving spouse's rights to transfer the trust's assets that would have resulted in the property not qualifying for the marital deduction tax benefit.
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