QTIPs, short for Qualified Terminable Interest Property Trusts, are a way for people to further protect their assets and property in the event of divorce, separation, or death.
These types of marital trusts are created after a prenuptial agreement has already been created. A prenuptial agreement is a very effective way of protecting one's assets and property rights in the event the marriage ends in divorce. QTIPs, however, take the level of protection one step further. These trusts give the person creating the trust control over who they want in charge of overseeing the distribution of assets and property to beneficiaries after their death. Most states automatically award this control to the deceased's spouse. For those people who do not want their spouse in charge of distributing their assets, establishing a QTIP is a good idea. A QTIP can ensure a spouse receives money or inheritances, but does not give them any say in how the deceased's money, assets, and property are divided.
If you are interested in learning more about drafting a qualified terminable
interest property trust, or any other trust for that matter, it's
important to work with an experienced estate planning attorney who has
ample practice drafting these types of trusts. An attorney at Claery &
Hammond, LLP can make sure all of your wants, needs, and concerns are
taken into consideration, and then create a trust that is customized to
your liking. Once the trust has been created, you will have peace of mind
knowing that your assets are protected and your beneficiaries will be
taken care of in the future.
For more information about the estate planning services offered at the firm, contact Claery & Hammond today.