A QTIP trust enables the grantor to provide for a surviving spouse and maintain control of how the trust’s assets are distributed once the surviving spouse dies. Income generated from the trust, and sometime the principal, is given to surviving spouse to ensure that the spouse is taken care of for the rest of their life.

Related Terms

  • Trustee

  • Testamentary Trust

  • Special Needs Trust

  • Revocable Trust

  • Living Trust

  • Irrevocable Trust

  • Insurance Trust (ILIT)

  • Grantor

  • Generation-Skipping Trust (GST)

  • Credit Shelter Trust (CST)

  • Charitable Remainder Unitrust (CRUT)

  • Charitable Remainder Trust

  • Blind Trust

  • Asset Protection Trust (APT)