Will for Married Individual: Credit Shelter and QTIP Trusts (New York)

Contract template sketch
About this template
This legal template specifically caters to married individuals residing in the state of New York who wish to establish a comprehensive estate plan. The template primarily focuses on Credit Shelter Trusts (also known as bypass or family trusts) and Qualified Terminable Interest Property (QTIP) Trusts.

A Credit Shelter Trust is a legal instrument used to minimize estate taxes by allowing the individual to pass on a certain portion of their assets to their beneficiaries, usually their children or other heirs, without incurring estate taxes. This trust ensures that the assets placed into it are protected from taxation while still providing income and benefits to the surviving spouse for their lifetime.

The QTIP Trust, on the other hand, is a trust that allows the individual to provide for their surviving spouse after their death while retaining control over how the assets are ultimately distributed. This trust is particularly useful in situations where the individual wants to ensure financial security for their spouse during their lifetime, while ultimately determining how the remaining assets will be transferred to other beneficiaries, often children or other family members.

This legal template will guide married individuals through the process of drafting a comprehensive will that explicitly establishes both the Credit Shelter Trust and the QTIP Trust. It will include provisions for asset distribution, the nomination of executors and trustees to oversee the trusts, provisions for guardianship of minor children if applicable, and any specific instructions or preferences the individual may have regarding the trusts' management.

Overall, this legal template serves as a valuable resource for married individuals residing in New York who desire to protect their assets, minimize estate taxes, and ensure proper distribution of their wealth to their loved ones through the establishment of Credit Shelter and QTIP Trusts.
How it works
get started
Unlock access to 150+ templates covering sales, employment, investment, IP and other matters

Templates properties


Genie AI




Free to use

Template Type
Relevant sectors
This document is likely to be relevant to all sectors: Agriculture, Forestry and Fishing; Mining; Construction; Manufacturing; Transport; Energy; Wholesale; Retail; Finance; Insurance; Real Estate; Legal Services; Consumer, Public & Health Services; Education; Media; Consultancy; Technology; Public Administration; Sport & Entertainment; Other
Contract Type
Business Category
Create this template
How it works
get started