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Complex Will with Credit Shelter Marital Trust for Large Estates - District of Columbia

Complex Will with Credit Shelter Marital Trust for Large Estates - District of Columbia 2025

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The 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. Additionally, it includes legal formalities for execution and witness attestation.

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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.

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.

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.

Do assets in a credit shelter trust 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.