What is a survivor's trust?

A survivor’s trust is a legal arrangement that is typically used in Elder Law in Kansas to provide financial support for a surviving spouse after the death of the other spouse. This type of trust allows assets to be transferred to a designated party without going through the time-consuming and expensive process of probate. The trust is created during the lifetime of the first spouse, and usually contains a provision allowing an income stream to be provided to the surviving spouse as well as a provision for the surviving spouse to receive a share of the assets at death. The survivor’s trust is beneficial because it allows the surviving spouse to have access to their deceased spouse’s assets, while also ensuring that the assets are protected from creditors or other potential liabilities. Additionally, the survivor’s trust can be tailored to the needs of the surviving spouse, allowing for flexibility and customization. The survivor can also name a trustee to manage and invest the assets in the trust as well as make distributions at the surviving spouse’s direction. In summary, a survivor’s trust is an important tool in Elder Law in Kansas that can provide financial security for the surviving spouse of a deceased individual. This type of trust allows the surviving spouse to have access to assets without going through probate, while also providing protection from creditors and other potential liabilities.

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What is a survivor's trust?

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