What You Should Know About Qualified Terminal Interest Property Trusts

Flexibility is a critical component for anyone who is looking into the estate planning process. One of the most flexible tools to achieve this is a Q-tip trust, also referred to as a Qualified Terminal Interest Property Trust.

As with all trusts, it’s important to set up a meeting with a lawyer first to determine the goals you want to achieve. An attorney can help you navigate the different kinds of trusts in order to determine the one most appropriate for your goals. In your situation, a lawyer might recommend a QTIP trust.

These are for the complete benefit of the surviving spouse. The major benefit of such a trust is that depending on circumstances, these can be changed either through the election of an independent fiduciary or through a disclaimer from the surviving spouse. They can be changed into a bypass or family trust for the benefit of the decedent’s descendants or the decedent’s surviving spouse.

It is strongly recommended that anytime you consider a complicated trust like this that you consult directly with a Virginia estate planning attorney who has assisted others with this process. This will give you the best possible chance of having all of your questions answered in full and understanding your rights and responsibilities moving forward.