Marital Trust

A marital trust is usually established in a will or revocable living trust to take advantage of the marital deduction at the death of the first of two spouses. Trust A and the QTIP trust are specific types of Marital Trusts. At the first death, property is placed in a Marital Trust so that the property is subject to taxation at the surviving spouse's death (this is necessary in order for the trust to qualify for the Marital Deduction at the first death). The surviving spouse may have access to some or all of the trust assets in addition to receiving income from the trust. The surviving spouse is generally the only permissible beneficiary during his or her lifetime. The trust allows management of the assets by a trustee designated by the grantor (the first to die). Often this provides the grantor peace of mind knowing that the spouse is provided professional management of the assets.