Inheritance Planning: Protect Your Children

Many marriages end in divorce, and a significant percentage of these divorced people have children. If you were to remarry as a parent, you may have some estate planning concerns. You naturally want to protect your new spouse, but what about your children? If you leave everything to your spouse, your children could ultimately be disinherited. To respond to this type of situation, you could utilize an estate planning device called a qualified terminable interest property trust. Because the name of the trust is somewhat wordy, these trusts are often referred to as QTIP trusts. The way that it works is you fund the trust, and you name a trustee to administer the trust after you pass away. Many people will utilize a corporate trustees such as a trust company or the trust section of a bank. Professional fiduciaries understand how to administer a qualified terminable interest property trust, there would be no longevity concerns, and there would be no conflicts of interest. Your spouse would


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