by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is Intestacy Law?Intestacy law is the law that determines how the assets of a decedent (person who dies) are passed to the heirs (those who inherit) when there is no last will and testaments (the individual has not created a will prior to passing).
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is Estate Planning?Estate planning concerns the arrangement or organization of affairs of an individual prior to death. What is a Last Will and Testament? A last will and testament, or simply as “Will” is a document used be an individual (a...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
[cite] Back to: INHERITANCE, ESTATES, & TRUSTS Qualifying Domestic Trust (QDOT) Explained A Qualifying Domestic Trust (or QDOT as it is commonly called) is a special trust used by individuals for end-of-life planning. Basically, a QDOT trust allows assets held by...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
[cite] Back to: INHERITANCE, ESTATES, & TRUSTS Qualified Domestic Relations Order (QDRO) Definition A Qualified Domestic Relations Order is a court order directed at holder of an individuals retirement funds. In most states, spouses acquire a legal or equitable...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
[cite] Back to: INHERITANCE, ESTATES, & TRUSTS Discretionary Trust Explained It is a type of trust that is set up for providing benefits to one or more beneficiaries. The trustee who decides when and what funds are distributed to the beneficiaries. The...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is an Exordium Clause?An exordium clause is the opening clause of a Last Will and Testament (“Will”) that officially states that the document is “a will.”How Does an Exordium Clause Work?An exordium clause also introduces the testator or...
