A Hawaii Testamentary Trust of the Residue of an Estate for the Benefit of a Wife with the Trust to Continue for the Benefit of Children after the Death of the Wife is a type of trust established under Hawaii estate law. It is created as a testamentary trust, meaning it is included as a provision in a person's last will and testament to take effect upon their death. Such a trust is designed to provide for the financial well-being and security of a wife after the death of her spouse. The trust is created using the residual assets of the deceased person's estate, which typically include any remaining property, investments, and funds not specifically mentioned or distributed in their will. The trust is established to ensure that the wife has sufficient resources to maintain her lifestyle and meet her financial needs. It may include provisions for her housing, healthcare, education, and general support. The trust assets are managed by a designated trustee, who has a fiduciary duty to act in the best interests of the wife. Upon the wife's death, the trust is then structured to continue for the benefit of the couple's children. This means that the trust assets are held in the trust and managed by the trustee for the ongoing financial support, education, and other needs of the children. The trust can specify the age or conditions upon which the children can access the trust assets for their own benefit. There may be different variations or types of this trust, depending on the specific preferences and circumstances of the testator (the person establishing the trust). Some possible variations include: 1. Irrevocable Testamentary Trust: This type of trust cannot be altered or revoked once it becomes effective. It may provide additional asset protection and tax planning advantages. 2. Revocable Testamentary Trust: This type of trust can be modified or revoked by the testator during their lifetime. It provides flexibility in case the testator's circumstances change. 3. Spendthrift Testamentary Trust: This type of trust includes provisions to protect the trust assets from creditors or potential mismanagement by the beneficiaries. 4. Special Needs Testamentary Trust: This trust is designed to provide for a disabled or special needs' child, ensuring their financial security while still allowing them to receive government benefits. It is important to consult with an experienced estate planning attorney or trust specialist to determine the most suitable variation of the Hawaii Testamentary Trust of the Residue of an Estate for the Benefit of a Wife with the Trust to Continue for the Benefit of Children after the Death of the Wife based on individual circumstances and goals.
Hawaii Testamentary Trust of the Residue of an Estate for the Benefit of a Wife with the Trust to Continue for Benefit of Children after the Death of the Wife
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The second type of testamentary trust is usually called the "marital deduction trust." This type of trust is often structured as a "q-tip trust" or "qualified terminal interest trust."
If you're married with kids, naming a spouse as a primary beneficiary is the go-to for most people. This way, your partner can use the proceeds of the policy to help provide for your kids, pay the mortgage, and ease economic hardship that your death may bring. This is true even if one spouse is a stay-at-home parent.
A SLAT is an irrevocable trust where the spouse is a permitted beneficiary. It allows married clients to take advantage of the high gift tax exemption amount while also allowing for continued access to the gifted trust assets, if needed, while removing any appreciation on the gift from each spouse's taxable estate.
Most A Trusts are actually also QTIP Trusts. However, for it to be a QTIP Trust, only the surviving spouse can be the beneficiary of the trust during his or her lifetime, and the trust is required to pay all income generated by the trust (e.g. dividends and interest) to the surviving spouse at least annually.
When the second spouse dies, the trust passes to its designated heirs.
After one spouse dies, the surviving spouse is free to amend the terms of the trust document that deal with his or her property, but can't change the parts that determine what happens to the deceased spouse's trust property.
The assets remaining in the Marital Trust at the death of the surviving spouse are includable in the surviving spouse's taxable estate, and will receive a step up in income tax basis equal to the fair market value of the assets at the death of the surviving spouse.
After one spouse dies, the surviving spouse is free to amend the terms of the trust document that deal with his or her property, but can't change the parts that determine what happens to the deceased spouse's trust property.
The surviving spouse is the beneficiary of the marital deduction trust. The assets which fund the marital deduction trust may be used by the surviving spouse for any purpose.
The deceased spouse's assets are either put completely into a Family Trust, or split between a Family Trust and a Marital Trust. The Family Trust will no longer be considered part of the surviving spouse's estate upon death.