How does a testator/settlor ensure his minor children are cared for while also ensuring his spouse is supported at the same time?
My understanding is that a QTIP trust only has 1 beneficiary -- a surviving spouse.
Fact pattern: husband and wife are on their first marriage, and have very young children together. Neither have children from a previous relationship. Husband wants to leave estate to wife, with the stipulation that all assets are used for her benefit only (e.g. if she remarries her new spouse can't access the trust assets). However, wife is a SAHM. If husband dies, wife can benefit directly through a QTIP trust, which will ensure all of her financial needs are met. How are their children supported though? If wife continues being a SAHM, she is not earning any separate income to support the children.
state- arizona