Will for Married Individual: Credit Shelter and QTIP Trusts with GST Tax Planning (Texas)

Contract template sketch
About this template
This legal template is a comprehensive document tailored for a married individual in the state of Texas who wishes to create a will. The main focus of this template is to incorporate specific estate planning strategies, including Credit Shelter Trust, Qualified Terminable Interest Property (QTIP) Trust, and Generation-Skipping Transfer (GST) Tax Planning.

A Credit Shelter Trust, also known as a bypass or family trust, allows the married individual to maximize their estate tax exemptions, ensuring that a significant portion of their assets are shielded from estate taxes upon their death. This trust allows the individual to provide for their surviving spouse while preserving wealth for future generations.

The template also includes provisions for a QTIP Trust, which aims to provide ongoing financial support for the surviving spouse while maintaining control over the ultimate distribution of the trust assets upon their passing. This trust is useful when the individual wants to prioritize the interests of their surviving spouse and still have control over their assets after their spouse's death.

Moreover, the template focuses on GST Tax Planning which involves strategic measures to minimize or avoid generation-skipping transfer taxes. These taxes apply when assets are transferred to individuals more than one generation younger than the donor (e.g., grandchildren). By incorporating GST tax planning within the will, the married individual can potentially reduce the tax burden on the assets intended for subsequent generations.

Overall, this legal template provides a comprehensive and customized approach to estate planning for married individuals in Texas, incorporating various trusts and tax planning strategies to protect their assets, provide for their loved ones, and minimize estate and transfer taxes.
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