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Complex Will with Credit Shelter Marital Trust for Large Estates - Indiana

Complex Will with Credit Shelter Marital Trust for Large Estates - Indiana 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 the appointment of an executor, bequests to the spouse and children, establishment of a family trust, payment of debts and taxes, and guidelines for the management and distribution of trust assets. The will emphasizes the care for the spouse and children, ensuring their financial support and inheritance while detailing the responsibilities of the executor.

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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. If applicable, include any future children born after the will's execution.
For Item II, appoint your spouse as Executor and ensure all debts are addressed promptly by filling in any necessary details.
In Item III, specify how death taxes should be handled, indicating whether they should be paid from the family trust or residuary estate.
Continue through each item, carefully detailing bequests to your spouse and children as outlined in Items IV through IX. Ensure clarity on distributions and trusts.
Finally, review all entries for accuracy before signing. Include witness signatures as required at the end of the document.

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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 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.

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.

What are the disadvantages of a credit shelter 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.

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.

Is a credit shelter trust a complex trust?

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.

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

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