SPOUSAL TRUSTS CAN BE COMPLICATED, ENSURE YOU SEEK THE ADVICE OF AN ACCOUNTANT AND LAWYER
If you have children from a previous marriage, you may want your new spouse to benefit from your estate while they are alive and have your estate pass to your children on the death of your new spouse.
You can accomplish this with suitable provisions in your Will that detail whether your entire estate or parts of it are to be held for the benefit of your new spouse.
Spousal trust clauses can be complicated and, if done incorrectly, may result in unintended income tax consequences. Make sure that you have the advice of a lawyer and accountant in relation to a spousal trust to ensure that it will achieve what you want it to.
Feel free to contact us at any point for assistance or advice with respect to Estate Law, Estate Planning or Estate Administration. We may be reached at 705.435.4339 or contact us via email.