Will for Married Individual
(Marital QTIP and Family Trusts) (IL)

Summary

This template Will for Married Individual (Marital QTIP and Family Trusts) (IL) is for a married client who is likely to have a taxable estate at death. This is a complex will containing multiple trusts, primarily for the benefit of the surviving spouse during their lifetime. This template includes practical guidance, drafting notes, alternate clauses, and optional clauses. The will creates a Marital Trust, funded with a pecuniary amount, with the residue funding a Family Trust at the testator's death. If the trusts are funded and administered properly, there will be no federal estate tax due at the testator's death. This will includes an optional provision authorizing the executor to qualify the Marital Trust assets as Qualified Terminable Interest Property (QTIP) in order to take advantage of the marital deduction. There are several advantages to including a QTIP trust provision in an estate plan, such as (1) providing the Executor with the flexibility to determine the extent of the ...