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Complex Will with Credit Shelter Marital Trust for Large Estates - West Virginia

Complex Will with Credit Shelter Marital Trust for Large Estates - West Virginia 2025

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This document is a Last Will and Testament outlining the distribution of the testator's estate upon their death. It includes provisions for appointing an executor, bequeathing assets to the spouse and children, establishing a family trust, and addressing tax obligations. The will specifies how personal property, real estate, and other assets should be managed and distributed, ensuring that the needs of the spouse and children are prioritized. It also includes instructions for handling potential disclaimers by beneficiaries and outlines the powers granted to the executor.

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How to use or fill out Complex Will with Credit Shelter Marital Trust for Large Estates - West Virginia

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Click ‘Get Form’ to open it in the editor.
Begin by entering your full name and address in the designated fields 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 to avoid any legal issues.
For Item II, appoint your spouse as the Executor. If applicable, designate a successor Executor in case your spouse cannot serve.
Proceed to Item III, where you will specify how death taxes should be handled. Clearly indicate if they should be paid from the family trust or your residuary estate.
Continue filling out Items IV through IX, detailing specific bequests and establishing trusts as necessary. Be thorough in describing assets and beneficiaries.
Finally, review all entries for accuracy before signing. Ensure witnesses are present during signing as required by West Virginia law.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What are the disadvantages of a credit shelter trust?

No (although surviving spouse could take other planning steps to avoid probate).

How do you terminate a credit shelter trust?

How Do I Terminate a Credit Shelter Trust? There are circumstances where if one spouse is deceased but the surviving spouse is still alive, the CST can be modified or terminated either by the trustee alone, by the trustee and all the beneficiaries, or by going to court.

Who pays taxes on credit shelter trust?

Upon the death of the second spouse, any assets in a credit shelter trust are passed to the beneficiaries estate tax-free. This is because the trust was funded with assets up to the exemption amount and any growth in those assets gets to pass without being subject to estate taxes.

Why use a credit shelter trust?

The central idea of the credit shelter trust is to take full advantage of each spouses applicable exclusion amount. Federal tax law includes an unlimited marital deduction for transfers between spouses, so this technique is typically used for transfers to third parties such as the couples children.

Is a credit shelter trust the same as a marital 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 best type of trust to avoid probate?

Having a revocable trust in place can help you avoid probate, which is the process a court takes to finalize your legal and financial matters after your death. Probate can be lengthy and expensive for your loved ones.

Complex Will with Credit Shelter Marital Trust for Large Estates - West Virginia 2025

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