by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
Back to: INHERITANCE, ESTATES, & TRUSTS What is a Bare Trust?A bare trust refers to a basic trust where a beneficiary has all the rights to the trusts assets, capital, and income earned from the assets. Bare trusts are mostly utilized by parents and grandparents...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is Probate?A probate refers to a lawful procedure in which steps are taken to review the validity and authenticity. It is about the management of the will of a person who has recently died. The jury is responsible for appointing an executor mentioned in the will...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is an Accumulated Income Payment?Accumulated Income Payments (AIPs) refers to the Canadian Registered Education Savings Plan (RESP), a valuable saving plan which allows parents, grandparents or guardians to save for their childs college fees. This RESP plan is...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is a Living Trust?A living trust is a legal document authorizing a trustee to manage a section of assets belonging to a beneficiary during his or her lifetime. An individual may choose a trustee and give him or her the responsibility of taking care of his or her...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is a Trustee’s Acceptance of Office?A trustee is an individual or an organization that has the responsibility of administering a property for specific purposes. An acceptance of office by a trustee refers to the consent of a trustee (an individual or an...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is an ABLE Account?In the United States, an individual below the age of 26 and is diagnosed with a major disability is eligible for an ABLE account. An ABLE account refers to a savings account specifically set up for people who suffer from major disabilities...
