What are the benefits and limitations of spendthrift trusts? How does a codicil interact with beneficiary designations in non-probate assets (e.g., life insurance, retirement accounts)?
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what is a codicil Informational
- How does a codicil establish the terms and conditions of such a trust? How does a codicil address the potential for disputes or disagreements among beneficiaries?
- What are the tax benefits and limitations of QTIP trusts? How does a codicil address the issue of blended families and the treatment of stepchildren or adopted children?
- Can a codicil establish conditions that beneficiaries must meet before receiving their inheritance?
- Can a codicil authorize the executor or trustee to hire a tax advisor?
- What are the privacy and security considerations related to digital assets? Can a codicil be used to create a "Totten trust" (a bank account with a named beneficiary that avoids probate)?
- How can a codicil effectively communicate changes in end-of-life preferences? What is the difference between a codicil and an amendment to a trust?
- What are the legal default rules regarding simultaneous death? Can a codicil be used to create a generation-skipping trust (GST) to benefit grandchildren or more remote descendants?
- What steps can be taken to ensure a codicil accurately reflects the testator's wishes? Is it ever too late to create a codicil?
- How do multiple codicils interact with each other? What is the role of an executor in relation to a codicil?
- Can a codicil specify who should inherit these items in compliance with applicable laws?
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