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How to use or fill out Complex Will with Credit Shelter Marital Trust for Large Estates - Washington
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Click ‘Get Form’ to open it in the editor.
Begin by entering your full name and address at the top of the document. This identifies you as the testator.
In Item I, provide your spouse's name and list your children. Ensure all names are spelled correctly for legal accuracy.
For Item II, appoint your spouse as the Executor. If applicable, designate a successor Executor in case your spouse cannot serve.
In Item III, specify how death taxes will be paid from your estate or trust assets. This is crucial for tax planning.
Continue through Items IV to IX, detailing specific bequests and establishing the family trust provisions. Clearly outline asset distributions to avoid confusion.
Review all entries for accuracy and completeness before finalizing the document. Make any necessary adjustments using our platform’s editing tools.
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The credit shelter trust has many different names. It is referred to as a bypass trust, the B trust in an A-B trust plan or the family trust in a family/marital trust plan.
Is a credit shelter trust a complex trust?
This type of Credit Shelter Trust is known as a Complex trust as it allows for the accumulation of income rather than required distributions. Note the options presented to the trustee(s): If the spouse needs all of the income, he/she/they can get it.
What is the difference between a marital trust and a credit shelter trust?
The credit shelter trust (Trust B) is used to avoid estate taxes at first and second death by using the estate tax exemption of the first spouse to die while the marital trust (Trust A) takes advantage of the unlimited marital deduction to pass assets onto the spouse without estate tax at the first death.
How do I know if I have a simple trust or a complex trust?
A simple trust must distribute all its income currently. Generally, it cannot accumulate income, distribute out of corpus, or pay money for charitable purposes. If a trust distributes corpus during a year, as in the year it terminates, the trust becomes a complex trust for that year.
What is considered a complex trust?
Definition of a complex trust To be classified as a complex trust, it must do at least one of three activities within the year: The trust must retain some of its income and not distribute all of it to beneficiaries. The trust must distribute some or all of the principal to the beneficiaries.
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The assets transferred into the marital trust are not subject to estate taxthey are tax free because they qualify for the unlimited marital deduction.
What happens to a credit shelter trust when the surviving spouse dies?
When the surviving spouse dies, any remaining principal can be distributed to children or remain in trust for their benefit, as you direct. Even though the surviving spouse has access to income (and principal, if needed), the assets in the credit shelter trust are not considered part of the survivors taxable estate.
Related links
Understanding the basics of estate planning
With a traditional credit shelter trust. (CST) and marital share plan, your will or revocable living trust directs that your assets up to your exemption amount
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