Revocable Trust for Married Individual (Marital QTIP and Family Trusts) (IL)
Summary
This template Revocable Trust for Married Individual (Marital QTIP and Family Trusts) (IL) is for a married person who will have a taxable estate at death. This is a complex trust containing multiple trusts, primarily for the benefit of the surviving spouse during his or her lifetime. This template includes practical guidance, drafting notes, alternate clauses, and optional clauses. This Revocable Trust creates a marital trust and a family trust at the settlor's death. If the trusts are funded and administered properly, there will be no federal estate tax due at the settlor's death. The revocable trust includes an optional provision authorizing the executor of the settlor's estate 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 ...