What is a survivor's trust?

A survivor’s trust is a type of trust established in Delaware elder law to protect assets for surviving family members. It is designed to provide financial security and security after the death of a loved one. When a survivor’s trust is established, the creator of the trust puts assets into the trust, with instructions to distribute those assets after they pass away. These assets are typically used to pay for living expenses of the surviving family members, such as mortgage payments or medical expenses. The trust document outlines the rights of the survivors, such as when and how to access the assets in the trust. It also includes provisions for whom the assets should be distributed to, and when. This way, the beneficiaries of the trust can be sure that their loved one’s wishes will be respected. The trust document may also include instructions for tax planning, so that the survivors will not be subject to excessive taxes on the assets in the trust. This is especially important for heirs who may not be well versed in Delaware Elder Law. A survivor’s trust is a great way for families in Delaware to ensure that their loved ones’ wishes are respected after they have passed away, and that the survivors are provided for.

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