A QTIP Trust is a provision in a Trust, not a type of Trust.
The QTIP provision permits the surviving spouse to receive income from the trust’s assets for life, with the trust’s principal being left to the grantor’s children upon the passing of the spouse.
And yes, Standard Legal’s Living Trust software does contain one structure with the QTIP provision.
The QTIP provisions permit distribution of the remainder of a Trust’s assets to beneficiaries while at the same time taking advantage of the marital deduction and providing an income for the surviving spouse.
Given the nature of the provision and the amount of assets required to adequately manage that provision, the QTIP is only provided in the A/B Trust drafted to manage larger estates; the typical person with lesser assets usually does not want nor require such a structure.
But if the user so chooses, the Joint Living Trust forms can be customized to add QTIP to its language. Details on altering the documents can be found under “HOW DO I CHANGE / CUSTOMIZE THE BASELINE CONTENT OF THE FORMS?” here. Be advised that we do not help draft customizations, and that you are altering the nature of the legal document content should you do so.
For advice specific to any highly personal legal questions, Standard Legal always recommends you consult a qualified, licensed attorney; you can find a local attorney for FREE at Standard Legal’s Attorney Find page.