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Commonly Asked Questions about Marital Trusts for Large Estates

While a marital trust is typically irrevocable, a family trust can be either revocable or irrevocable.
Only your spouse can be the beneficiary of the Marital Trust. The Trustee must distribute any income generated inside the Marital Trust (e.g., rent if the Marital Trust owns a rental unit) at least once a year, but can do so more frequently if desired. Marital Trusts: A Practical Explainer - Wealth.com wealth.com articles marital-trust-explained wealth.com articles marital-trust-explained
Between the two main types of trusts, revocable trusts are the most common. This is primarily due to the level of flexibility they provide. In a revocable trust, the trustor (or the person who created the trust) has the option to modify or cancel the trust at any time during their lifetime.
Only your spouse can be the beneficiary of the Marital Trust. The Trustee must distribute any income generated inside the Marital Trust (e.g., rent if the Marital Trust owns a rental unit) at least once a year, but can do so more frequently if desired.
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.
Marital trusts are a way to ensure your family is taken care of in the manner you see fit and leaves behind a clear plan. The other benefit is that marital trusts allow loved ones to take advantage of estate tax exemptions and defer taxes until after the surviving spouse dies.
This trust is irrevocable, meaning it cannot be changed once established. Marital trusts can provide many benefits like asset protection and estate tax deferral or elimination. However, there are also some drawbacks, such as the cost of setting up the trust and the hassle of transferring assets into it.
Qualified Terminable Interest Property Trust. The Qualified Terminable Interest Property (QTIP) Trust is the most common method of creating a marital trust, especially for second marriages.