Maxwell and Jim have resided together for several years but are not married. Maxwell is concerned that if he dies first, his family may contest the transfer of his assets to Jim through his will so he wants to avoid any transfers through his will. Of the following options, which transfer arrangements would ensure that Maxwell’s assets will be transferred to Jim at Maxwell’s death?

Question

27-09-2019
Business

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Maxwell and Jim have resided together for several years but are not married. Maxwell is concerned that if he dies first, his family may contest the transfer of his assets to Jim through his will so he wants to avoid any transfers through his will. Of the following options, which transfer arrangements would ensure that Maxwell’s assets will be transferred to Jim at Maxwell’s death?

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cnavia19 cnavia19 · Answer 1 · 2019-09-30T17:40:44+02:00

Answer:

The best answer to the question: Of the following options, which transfer arrangements would ensure that Maxwell´s assets will be transferred to Jim at Maxwell´s death?, would be, according to research of the same question on internet sources: The implementation of a trust, of which, three, would be useful to them: a QPRT (Qualified Personal Residence Trust), an Irrevocable Trust Fund, or a Revocable Trust Fund.

Explanation:

The reason for these being the answers to the question would be that, especially in states where same-sex marriage is not permitted, and where the rights of homosexual partners are not insured, at the passing of the owner of property, or assets, usually these assets would pass on through will to the descendants of the person who passed away. However, Maxwell wants to ensure that his partner, Jim, does have the right to get his assets, and no one else. So to stop any sort of contest on the part of his family, Maxwell may resort to establishing a Trust Fund, completely free and un-linked to his will, and these three types: QPRT, Irrevocable Trust Fund, or a Revocable Trust Fund, would help him accomplish his goal.