The Stamford Married Person's Will for the State of Connecticut with Children with a Credit Shelter Trust for Spouse and a Trust for Children is a legal document that outlines how the estate of a married person with children will be handled upon their death. This will ensure that both the spouse and children are provided for and protected. It involves the creation of a Credit Shelter Trust (CST) for the benefit of the surviving spouse and a separate Trust for Children to protect their inheritance. Here are the key components and variations of this type of will: 1. Basics of Stamford Married Person's Will: — Name: Stamford Married Person's Will with Children — Applicable StateConnecticutcu— - Beneficiaries: Surviving spouse and children — Primary Objective: To provide for the surviving spouse and protect the children's inheritance 2. Credit Shelter Trust (CST): — Purpose: The CST is established to utilize the deceased spouse's estate tax exemption amount while providing income and support for the surviving spouse. — Key Features— - Assets placed in the CST are exempt from estate taxes upon the surviving spouse's death. — The surviving spouse is entitled to income generated by the CST. — Principal of the CST may be used for the surviving spouse's health, education, maintenance, or support. — Alternative Names: A-B Trust, Bypass Trust, Family Trust, or Exemption Trust. 3. Trust for Children: — Purpose: This trust ensures that the children's inheritance is protected and managed until they reach a certain age or accomplish specific milestones. — Key Features— - Trust assets are held for the benefit of the children until certain conditions are met. — The trust's terms define when and how the children will receive their inheritance. — Appointed trustees manage the trust assets and distribute them according to the predetermined guidelines. — Alternative Names: Children's Trust, Inheritance Trust, Descendants' Trust. 4. Additional Considerations: — Guardianship: The will may also designate a guardian for minor children in case both parents pass away. — Specific Bequests: The will allows for specific gifts or bequests to individuals or charitable organizations. — Executor: The will appoints a trusted individual as the executor, who administers the estate and ensures the terms of the will are followed. — Contingent Beneficiaries: The will designates alternative beneficiaries in case the initial beneficiaries predecease the testator. It is important to note that specific legal advice should be sought when creating a Stamford Married Person's Will for the State of Connecticut with Children with a Credit Shelter Trust for Spouse and a Trust for Children, as individual circumstances may require personalized adjustments and provisions. Consultation with an attorney knowledgeable in Connecticut estate planning law is recommended to ensure the will aligns with the testator's wishes and the relevant legal requirements.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.