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Whereas an ordinary trust has just one trustee, a joint trust has multiple co-trustees. This is a common choice for married couples, especially when the plan is for the surviving spouse to receive ...
In this case, when the main trustee dies, the successor becomes the new trustee with full access to the assets in the trust. Read more: 5 minutes could get you up to $2M in life insurance coverage ...
Although a single document, the joint will is a separate distribution of property by each executor (signatory) and will be treated as such on admission to probate. Mutual wills are any two (or more) wills which are mutually binding, such that following the first death the survivor is constrained in the ability to dispose of the property by the ...
Traditionally, letters of administration granted to a representative of a testator's estate are called "letters of administration with the will annexed" or "letters of administration cum testamento annexo" or "c.t.a.". Essentially, this document is issued to the person who will administer the estate of someone who dies without a will.
7. Don’t overlook your own estate planning. Dealing with the aftermath of losing your spouse requires a lot of attention and time. But what not to do financially after losing a spouse is ...
Then, after the annuity term expires, the principal of the trust goes outright to a charity or charities the grantor named in the trust document. If the trust meets the requirements of the IRS regulations, the grantor of the trust will receive a charitable income tax deduction for the calculated future value of the gift.