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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 ...
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 ...
Carnwath J approved the "floating trust" analogy, first proposed by Dixon J in Birmingham v Renfrew [1937] CLR, which holds that the law will give effect to the intention (to create a mutually binding will) by imposing a floating trust which becomes irrevocable after the death of the first testator and crystallises after the death of the survivor.
In this technique, each spouse creates a trust and divides their assets (usually evenly) between the two trusts. The terms of the credit shelter trust provide that upon the first spouse's death, the other is left an amount in trust for the benefit of the surviving spouse up to the current federal exemption equivalent to the federal estate tax.
The court does this by granting letters of administration to the person so entitled. Grants of administration may be either general (where the deceased has died intestate) or limited. [1] The order in which the court will make general grants of letters follows the sequence: The surviving spouse, or civil partner, as the case may be; The next of ...
Sharing a joint credit card account with the deceased. This doesn’t apply if you’re an authorized user. Being a co-signer on a loan for the deceased, where there’s outstanding debt
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