No. of Recommendations: 0
Where can I find the statutes that govern the Beneficial Rights of Surviving Spouses?
Although my husband passed away 13 years ago, I recently read in a book about Living Trusts that the surviving spouse has 3 beneficial rights:
1 The right to all of the income of Trust B
2 The right to use any or all of the principal in Trust B as is
necessary to maintain the same standard of living, including any
medical needs,
3 The right to spend, each year, $ 5,000 or 5% of the assets in Trust
B, whichever is greater, for any reason, regardless of how frivolous.
This right is not cumulative, the right must be used during the year,
or it is lost.

I am the Trustee of our A/B Trust and make use of right nr. 1, don't need yet to use right nr. 2. If I exercise right nr. 3, do I have to report any such "spending" on the Trust Tax Return as income?
I am trying my best to administer the now irrevocable Trust B prudently so that the successor trustee (after my death) does not have to contend with any challenges or complications to make his life miserable.
I read about the Rights of Surviving Spouses in a book titled "The Living Trust", but would like to be able to quote the statute or law that pertains to these rights.
Thanks in advance to anyone who goes through the trouble to reply
Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.