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

Complex Will with Credit Shelter Marital Trust for Large Estates - Mississippi 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 and trustee.

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

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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 this will is executed.
For Item II, appoint your spouse as the executor of your estate. Ensure you understand their responsibilities outlined in this section.
Proceed to Item III, where you will specify how death taxes should be handled. Fill in details regarding any trusts mentioned.
Continue through each item, carefully filling out bequests and devises as per your wishes, ensuring clarity on who receives what.
Finally, sign and date the document at the end, ensuring witnesses are present to attest to your signature.

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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.

Can a surviving spouse be trustee of a credit shelter trust?

The trust typically provides that the surviving spouse has entitlement to the income and to the principal provided that there are ascertainable standards such as for support, health and welfare for the trustee to distribute principal to the surviving spouse. The surviving spouse can even be a trustee.

What are the disadvantages of a credit shelter 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.

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

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.

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