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What are the benefits of a QTIP trust?

There are many families in the Kent area who have had a divorce in the family. Especially for older residents, divorce is common. Estate planning for families who have multiple spouses and children from multiple marriages can be complicated. A QTIP trust may be a good option in these situations.

The divorce rate for older Americans has steadily gone up since 1990. Older Americans, for whatever reason, have decided to divorce and remarry in record numbers. Because of this, many have ex-spouses and children from multiple marriages that make estate planning complicated. A Qualified Terminable Interest Property trust may be an estate document that should be considered.

A QTIP trust is a marital trust that provides for the surviving spouse during their lifetime. This trust provides for a lifetime of income for a surviving spouse, and then, upon their death, the remaining assets are passed on to the beneficiaries of the grantor's choices, such as their children from a first marriage. The trust must have at least one trustee assigned. The surviving spouse would receive payments from the trust based on the income the trust generates.

Many Washington residents have had multiple marriages. These can complicate estate planning because of the many beneficiaries that can be involved, along with the spouses. A legal professional who is skilled in estate planning can help their client create an estate plan that works for their unique situation. An attorney understands the complexities that multiple marriages can bring to estate planning and will work to make sure all their client's needs are met. They can help create a will, trust, power of attorney, and many more important estate planning documents.

Creating an estate plan is a gift for those who will be left behind. It also helps ensure a person's assets are distributed how they would want upon their death.

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