Idaho 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.
If you die without a will (intestate), your property passes ing to the laws of Idaho. In general, a surviving spouse receives all of the community property and the spouse and children share the decedent's separate property.
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 However, the grantor may set a limit on how much can be withdrawn from the trust over time.
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.
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.
Ultimately, the question is not whether it is better to have a will or a trust, but if you should have a trust in addition to a will. If you die without having a valid will or trust in place, the courts will determine how your assets are distributed.
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.
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.