Virginia 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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How to fill out 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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FAQ
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.
Under typical circumstances, the surviving spouse would become the sole trustee after the death of one spouse. The surviving spouse would control the shared property, and the personal property of the deceased spouse would be distributed to the beneficiaries.
In Virginia married persons and minor children have certain rights to the property of a deceased spouse. Even if the spouse were disinherited by a Will, Trust or gifts during lifetime, the spouse may be entitled to an elective share of the deceased spouse's assets and numerous spousal inheritance rights.
A surviving spouse has the right to claim an elective share under Virginia law. The elective share can be claimed regardless of whether (1) any provision for the surviving spouse is made in the decedent's will or (ii) the decedent died intestate. Virginia Code 64.2-302.
If a surviving spouse exists, and there are no existing children of the decedent, the surviving spouse will inherit the decedent's estate in its entirety, including any real property.
Spouses in Virginia Inheritance LawsJust one-third of your estate will go to your surviving spouse if one or more of your surviving children are from an ex-partner. As you might assume, the other two-thirds are divided among your children per stirpes, meaning in even shares.
WHO INHERITS THE PROPERTY OF AN INTESTATE? someone other than the surviving spouse in which case, one-third goes to the surviving spouse and the remaining two-thirds is divided among all children. f0a7 if no surviving spouse, all passes to the children and their descendants.