When you are planning your estate as a married person with children from a previous marriage, you want to protect the interests of your children, but you also want to make sure that you provide for your spouse adequately. This is where a qualified terminable interest property trust can be beneficial. You fund the trust, and you name a trustee to administer the trust after you pass away. Many people will use a corporate trustee such as a trust company or the trust department of the bank. When you use a professional fiduciary, you can be certain that the trust is managed in accordance with industry standards, and there is inherent oversight.
Topics covered in this report include:
- Dual Objectives
- Family Harmony