Revocable Trust for Married Individual: Marital Trust and Clayton Provision (New York)

This legal template likely focuses on establishing a revocable trust for a married individual in the state of New York. A revocable trust is a legal arrangement where the individual, known as the grantor, places their assets into a trust with specific instructions on how they should be managed and distributed during their lifetime and after their death.

The Marital Trust component of this template suggests that it includes provisions related to a trust designed to benefit the grantor's spouse. The specifics of this trust might vary based on the marital status and preferences of the couple, but generally, a marital trust aims to provide financial security and support to the surviving spouse after the grantor's death.

The Clayton Provision is typically a legal clause that addresses certain tax planning considerations related to the marital trust. It may refer to provisions designed to reduce estate taxes, particularly under the Clayton Q-TIP (Qualified Terminable Interest Property) trust rules. These rules allow for the deferral of estate taxes until the surviving spouse's death, potentially reducing the overall tax burden on the couple's estate when it is eventually transferred to heirs or beneficiaries.

Overall, this legal template likely outlines the necessary provisions, instructions, and considerations for establishing a revocable trust, with additional emphasis on forming a marital trust as well as incorporating the Clayton Provision to address important tax planning aspects. This template might be meant for individuals residing in New York who wish to create a legal framework to protect their assets and ensure the financial well-being of their spouse in the event of their death.