Virginia Marital-deduction Residuary Trust with a Single Trustor and Lifetime Income and Power of Appointment in Beneficiary Spouse

• Category: Trusts
• State: Multi-State
• Control #: US-1340834BG
• Format: Word; Rich Text

Description

Residual interest is the interest which an investor receives after all the required regular interest within high priority tranches. A residual interest continues to accrue to the credit card balance from the statement cycle date until the bank receives payment.

The Virginia Marital-deduction Residuary Trust with a Single Trust or and Lifetime Income and Power of Appointment in Beneficiary Spouse is a type of trust established in the state of Virginia that offers several unique features to ensure financial security for the surviving spouse. In this trust, the single trust or, who is typically the individual creating the trust, transfers their assets and property into the trust. The main purpose of this trust is to provide ongoing income and financial support to the surviving spouse throughout their lifetime. A key element of this trust is the "marital deduction" aspect, which allows the trust assets to pass to the surviving spouse without incurring any estate tax upon the death of the trust or. By utilizing the marital deduction, the trust or can ensure that their spouse receives the full benefit of the trust's assets without any tax burden. Additionally, the trust includes a "residuary" clause, which means that any assets or property not specifically addressed in the trust will pass to the surviving spouse upon the trust or's death. This clause provides additional flexibility and ensures that the surviving spouse receives the remainder of the estate. Furthermore, the trust grants the beneficiary spouse a "power of appointment," which allows them to determine how the trust assets will be distributed upon their death. This power gives the beneficiary spouse the ability to pass on the trust assets to their chosen beneficiaries, ensuring that their wishes are honored. It is important to note that there are variations or subtypes of the Virginia Marital-deduction Residuary Trust with a Single Trust or and Lifetime Income and Power of Appointment in Beneficiary Spouse, such as: 1. Irrevocable Trust with Testamentary Power of Appointment: This type of trust is created during the trust or's lifetime but allows them to retain the ability to modify or revoke the trust until their death, at which point the trust becomes irrevocable, granting the beneficiary spouse the power of appointment. 2. Charitable Marital-deduction Residuary Trust: This type of trust includes provisions for charitable donations, allowing the trust or to designate a portion of the trust's assets to be distributed to charitable organizations upon their death, while still providing for the surviving spouse's income needs. In summary, the Virginia Marital-deduction Residuary Trust with a Single Trust or and Lifetime Income and Power of Appointment in Beneficiary Spouse offers a comprehensive and tax-efficient solution for individuals in Virginia looking to provide ongoing financial security for their spouse while also ensuring the efficient distribution of their estate.