Marital Trust Requirements
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FAQ
To qualify as a spousal trust, the beneficiary spouse must be entitled to receive all of the income earned in the trust during their lifetime. This means that your spouse must have a legal right to enforce payment of the income and no one can withhold it from them.
The surviving spouse still serves as the initial beneficiary. But upon the creation of the trust, the trust grantor can designate a specific beneficiary or beneficiaries. This may include children from another marriage, grandchildren or anyone else.
To qualify as a spousal trust, the beneficiary spouse must be entitled to receive all of the income earned in the trust during their lifetime. This means that your spouse must have a legal right to enforce payment of the income and no one can withhold it from them.
Simple Living Trusts for Married Couples Simple living trusts are often considered the easiest kinds of trusts to set up and keep. In a simple living trust, a couple can share the control and benefits of the trust while they are living.
A QTIP trust is more restrictive than a marital trust, since it limits the surviving spouse's control. The surviving spouse is limited to the income and cannot choose the final beneficiaries of the QTIP trust assets. Estate taxes are deferred until the death of the surviving spouse.