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

Complex Will with Credit Shelter Marital Trust for Large Estates - Kentucky 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 among beneficiaries, including instructions for handling minor children’s shares. Additionally, it includes clauses regarding disclaimers of inheritance and the powers of the executor.

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Do credit shelter trusts get a step up in basis?

Additionally, assets that are placed in a credit shelter trust receive a one-time step-up in basis at the time the trust is funded.

What type of trust is best 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. Estates in probate also become a matter of public record.

What are the disadvantages of a credit shelter trust?

One of the disadvantages of a credit shelter trust is that it does not give the surviving spouse immediate access or full control over the trust assets. Instead, the spouse can generally receive income from the trust and may be allowed to use the trust principal to pay for health, education, and maintenance as needed.

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.

When a spouse dies, what happens with the trust after?

What happens to a living trust when one spouse dies is that it remains revocable until both spouses have passed away. A joint living trust will have a sub-trust called a survivors trust where the assets remain accessible and controllable by the surviving spouse.

Does a living trust override a will?

Which Takes Precedence: Will or Trust? In California, a trust often supersedes a will if a person has created both documents. A trust takes effect immediately, while the trustee is still alive, whereas a will only takes effect after the death of the executor.

What are the disadvantages of a marital trust?

One such drawback is their irrevocable nature; once established, the terms are generally set and cannot be easily altered. The surviving spouses estate may also be subject to increased estate taxes upon their death, depending on the trusts structure and the value of the assets.

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

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Do credit shelter trusts get a step up in basis?

What type of trust is best to avoid probate?

What are the disadvantages of a credit shelter trust?

What happens to a credit shelter trust when the surviving spouse dies?

When a spouse dies, what happens with the trust after?

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Does a living trust override a will?

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

Here's how it works

The best way to edit Complex Will with Credit Shelter Marital Trust for Large Estates - Kentucky online

Complete this form in 5 minutes or less

Got questions?

Do credit shelter trusts get a step up in basis?

What type of trust is best to avoid probate?

What are the disadvantages of a credit shelter trust?

What happens to a credit shelter trust when the surviving spouse dies?

When a spouse dies, what happens with the trust after?

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People also ask

Does a living trust override a will?

What are the disadvantages of a marital trust?

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