|
|
||||||||
|
|||||||||
|
|
Frequently Asked Questions
What is a Revocable Trust?
-A trust in which the trustor by the terms of the trust agreement, reserved the power to alter, amend or terminate the trust and to receive the property back from the trustee.
What is an Irrevocable Trust?
-A term used to describe a trust in which the trustor by the terms of the trust agreement, specifically given up the power to alter, amend, or terminate the trust either entirely or in part. In Montana, trusts are irrevocable unless the donor expressly reserves the power to revoke.
What is Probate?
-Probate is the process of the personal representative gathering all the property of someone who died, paying all just debts and taxes, and distributing the balance to the devisees designated in the will or to the heirs as prescribed by the legislature where there is no will or the will is defective.
Who is a Beneficiary?
-A person (or institution) who derives benefit from the creation of a trust, proceeds of insurance policy, or property designated by a will.
What is Estate Tax?
-Taxes assessed by the federal government upon a decedent’s right to transfer property.
What is Joint Tennacy?
-A form of co-ownership in which two or more persons hold interests in the same property with right of survivorship.
What is Power of Attorney?
-A written, notarized document in which one person gives another the power to conduct certain acts on his or her behalf.
For other questions please Contact Us
© 2011 Law Offices of Gary R. Waitzman LLC
|