Spousal Trust

A special type of trust which is created after the death of the settlor for the benefit of the settlor's spouse. The terms of the Spousal Trust may state that the surviving spouse will receive the benefit of the assets held in the Spousal Trust during his or her lifetime. When the Spousal Trust terminates (i.e., upon the death of the surviving spouse), the surviving spouse will either have a general power of appointment or limited power of appointment with regard to the distribution of property held in the Spousal Trust.