Minnesota 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
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.
While the husband and wife are typically co-trustees when the trust is initiated with the surviving spouse becoming sole trustee when the first dies, a successor trustee needs to be named to take over when the surviving spouse dies or becomes incapacitated.
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.
In general, most experts agree that Separate Trusts can provide more asset protection. Joint Trust: Marital assets are all together in a single trust. This means there's less asset protection, because if there's ever a judgment over one of the spouses, all of the assets could end up being at risk.
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 However, the grantor may set a limit on how much can be withdrawn from the trust over time.
Simple Living Trusts for Married Couples Simple living trusts are often considered the easiest kinds of trusts to set up and keep. In a simple living trust, a couple can share the control and benefits of the trust while they are living.
You name a lifetime beneficiary, typically your spouse, who receives income from the trust for their lifetime. Whatever is left once the spouse dies goes to the "remainder beneficiary." Your spouse will have limited access to the principal but will receive steady income at least quarterly.
If a married person wants complete control over how the assets they own will be distributed after their death, separate trusts are a good option. For example, if Don passes away before Mary, his separate trust would become irrevocable.