MARITAL TRUST
A legal arrangement between a trustor and trustee for the benefit of a surviving spouse and the married couple's heirs. Also known as an "A" trust, marital trust takes effect when the first spouse dies. Assets are transferred in the trust upon death and will provide income for the surviving spouse. Also, the surviving spouse may receive principal payments. When he/she dies, the trust will be passed on to designated heirs. General Power of Appointment, QTIP Trust, and Estate Trust are the three kinds of marital trusts.
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