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Aug
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A QTIP Trust makes the surviving spouse the sole beneficiary of the income in it every year. However, what happens if you have been married previously and have children from that marriage? How can this type of trust benefit your children? How can you make sure your home will go to your children once your present spouse dies? This is known as the Qualified Terminal Interest Property Trust or QTIP. This trust makes your children the ultimate beneficiaries of your home, allowing your present spouse to live in it until his or her death.
Because the QTIP is a trust, it will not have to go through probate at the surviving spouse’s death. Now is the time to take control of your future and the future of your children. Take the time to sit down with an experienced Estate Planning attorney and see what is right for you and your family.