Texas 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 spousal trust created in your will can protect your spouse's (and your children's) eventual inheritance, while also ensuring your assets are distributed the way you had intended.
In the event of divorce, a disadvantage of a SLAT is that the separated non-donor spouse will continue to benefit from the trust as a beneficiary while the donor spouse loses the indirect access in the same way that they would if the non-donor spouse passed away while they were still married.
There are a variety of ways that money can be left to your children, including wills, trusts, or by naming them beneficiaries of retirement plans, life insurance, and 529 plans. The best ways to leave your children money are through estate planning tools, such as wills and trusts.
Intestate Succession: Spouses and Children Stepchildren do not receive a part of your intestate estate as per the succession plan of Texas. Because the state doesn't view anyone related to you solely through marriage as an automatic heir, a stepchild's claim to your estate is null and void.
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 However, the grantor may set a limit on how much can be withdrawn from the trust over time.
A marital trust is a legal entity established to pass assets to a surviving spouse or children/grandchildren. When a spouse dies, their assets are moved into the trust. A general power of appointment, an estate trust, and a QTIP trust are three types of marital trusts.
Assets held in trust are generally not considered community or separate property. Instead, income and distributions from trusts are generally the only aspect of a trust that need characterization in a divorce.
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.