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

Complex Will with Credit Shelter Marital Trust for Large Estates - Alaska 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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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 that all names are spelled correctly to avoid any legal issues.
For Item II, appoint your spouse as the Executor of your estate. You may also choose a successor if needed.
In Item III, specify how death taxes will be paid from your estate or trust assets. Be clear about which assets are involved.
Continue through each item, filling in details about asset distribution, trusts, and any specific bequests as outlined in Items IV through IX.
Finally, review all entries for accuracy before signing. Ensure witnesses are present to sign as required by Alaska law.

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Got questions?

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 if the trust and the will conflict?

When there is a conflict between the two documents, a trust will usually take greater precedence. This is because they become operative at the time that you pass away. Its important to make sure that the details of your will and trust are in harmony. This will prevent costly posthumous conflicts from occurring.

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 is the maximum amount for a credit shelter trust?

When you pass away, the Trustee you have named in the Credit Shelter Trust funds the Trust. This can include any amount up to the lifetime federal estate tax limits (as of 2021, that threshold was raised to $11.7m per person or $23.4m per couple - up from the 2020 limit of $11.58m and $23.16m, respectively).

Does living trust override 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 is the downside of a living trust?

Establishing and maintaining a living trust often involves a substantial amount of paperwork. Unlike a will, which may be simpler to execute, a living trust demands meticulous attention to detail and ongoing documentation. Maintaining accurate records is crucial for the success of a living trust.

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.

Why use a living trust instead of a will?

Drafting a will is simpler and less expensive, but creating a revocable living trust offers more privacy, limits the time and expense of probate, and can help protect in case of incapacity or legal challenges.

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

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