| Protect Yourself With a Martial Trust |
It’s important for all married people to ensure their property rights and wishes in regards to property division, alimony, child custody and child support are protected. And while filing a
prenuptial or postnuptial agreement is a good way to protect yourself in the event of a divorce, separation, or death, sometimes it is not enough. When a married couple or individual wants to further protect their assets and wishes, they can create something called a Qualified Terminable Interest Property Trust, or QTIP.
What is a QTIP?
A QTIP is a type of marital trust that is established when a prenuptial agreement is already in place. Essentially a QTIP determines who will control the deceased’s assets and estate. When you first create a QTIP, you chose who you’d like controlling your estate after you pass away, as that person will be responsible for distributing your assets after your death. Having a QTIP in place ensures that your spouse will still receive money or principle, but makes it so your spouse has no say in how your assets will be divided and distributed amongst your beneficiaries.
If you are interested in learning more about creating a Qualified Terminable Interest Property Trust, please consider
contacting the Law Offices of Michael R. Young. The firm has considerable experience drafting all types of contracts and documents, and can help you prepare a QTIP to your liking. To arrange a consultation with a knowledgeable
Riverside family law attorney, please contact the office today by calling
(866) 902-5290.
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Posted By Law Office of Michael R. Young on February 24, 2010 11:52 am | Permalink  |