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

This legal template pertains to creating a Will for a married individual residing in New York. It includes provisions for establishing a Marital Trust and Clayton Provision within the Will. A Marital Trust refers to a trust fund that is set aside for the surviving spouse to receive income or other benefits during their lifetime, while still preserving the principal for the benefit of the designated beneficiaries, typically children or other heirs, upon the death of the surviving spouse. The Clayton Provision, named after the legal case Clayton v. Kervick, is a supplementary provision that allows beneficiaries to defer the tax liability on inherited retirement accounts or similar assets by keeping them in a trust rather than taking a lump sum distribution. Overall, this legal template enables married individuals in New York to effectively plan for the distribution of their assets and provide financial security for their surviving spouse.