A Qualified Personal Residence Trust (QPRT) is an estate-planning tool that allows individuals to retain the right to live in their home for a specified period of time while also providing for the eventual transfer of a home at a lower transfer tax rate. A grantor using the QPRT transfers title to a personal residence to the trust (either a…
In California, a document called a small estate affidavit may be used to transfer an estate’s assets to the proper beneficiaries without having to open a formal probate proceeding with the court. To use a small estate affidavit, the estate must meet the following basic legal requirements: The basic requirements to use a small estate affidavit are the estate’s probate…