New York Complex Will - Income Trust for Spouse
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How to fill out Complex Will - Income Trust For Spouse?
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FAQ
A beneficiary of trust is the individual or group of individuals for whom a trust is created. The trust creator or grantor designates beneficiaries and a trustee, who has a fiduciary duty to manage trust assets in the best interests of beneficiaries as outlined in the trust agreement.
Many couples want to leave all trust property to the survivor. If you choose that option, we'll insert your spouse or partner's name (entered earlier) as beneficiary of all your trust property.
Generally, a trust is complex if at least one of the following occurs: There is no requirement to distribute all the trust income to the beneficiaries. The beneficiaries received principal distributions during the tax year. Distributions were made to charitable organizations.
If you're not married you can choose anyone to be your beneficiary. However, if you're married, or are planning to get married, please be aware that by law, your spouse is your default beneficiary, regardless of who you may have been your beneficiary before getting married.
Your beneficiary can be a person, a charity, a trust, or your estate. Almost any person can be named as a beneficiary, although your state of residence or the provider of your benefits may restrict who you can name as a beneficiary. Make sure you research your state's laws before naming your beneficiary.
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.
A Spousal Lifetime Access Trust (SLAT) is an irrevocable trust set up by one spouse for the benefit of the other spouse (and possibly other family members) during your lifetime. A properly structured SLAT will help you avoid federal estate taxes while still providing limited access to the trust assets.
In most cases, your spouse inherits your estate upon your death. But that may not be the case with your IRA. Typically, a spouse who isn't a beneficiary of an IRA is not entitled to receive, or inherit, the assets when the account owner dies. However, some exceptions exist.