Wyoming 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
The surviving spouse would control the shared property, and the personal property of the deceased spouse would be distributed to the beneficiaries. This is a common scenario, but there are other ways to create a shared living trust.
A marital trust is also beneficial since it can provide income to the surviving spouse, tax free. However, the grantor may set a limit on how much can be withdrawn from the trust over time.
While most states don't void a marriage after one of the people in the marriage dies, since the need for the annulment would be based on hearsay of the surviving spouse or third parties, an annulment can take place if the marriage was illegal and therefore invalid when it took place.
Because everything is in one Trust, all assets would be vulnerable to judgements. Another possible disadvantage could be a lack of flexibility after one spouse's death. In most cases, spouses still have control over individual interests in a Joint Trust.
Income Tax Basis: A joint trust is treated pretty much like all other joint ownership between spouses, so that there is a 50% income tax basis adjustment, i.e. step-up (or step-down) on the death of one spouse with regard to the assets held in their joint trust.
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.
When one spouse dies, the other can make changes to the trust, and even modify it to become irrevocable. However, the trust does not automatically become irrevocable until both grantors pass away. So you can continue to amend a joint revocable trust throughout your lifetime, even if your spouse passes away.
The surviving spouse is the sole Settlor/Trustee/Beneficiary if one dies. In short, nothing changes. The surviving spouse manages the Trust and its assets as they see fit. For example, if the surviving spouse desires to, they can amend the Trust, add or remove assets, change future beneficiaries, etc.