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You could create a will that outlines your wishes or set up a living trust as part of your estate plan. ... there's a cost to probate, and according to LegalZoom, it can be 3% to 7% of the value ...
A living trust is a legal arrangement that allows you to pass on assets to the beneficiaries you designate. You're able to maintain control over a trust and its assets as long as you're alive.
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Trusts have certain requirements for creation. First, the grantor must show an intent to create a trust. [80] Concordantly, the grantor must have the mental capacity to form such an intent and to create the trust. [81] Also, if the grantor was "forced" to create the trust due to fraud, duress or undue influence, it is deemed void. [82]
It is a trust that qualifies for the marital deduction, provided that the surviving spouse is given the income at least annually and the surviving spouse has a general power of appointment over the trust property remaining at his death. Most general powers of appointment are exercisable under a will. The holder of the power refers to the ...
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