Quote Quoting Diver4242
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I'm the OP circling back to this. Thank you so much for the informed responses. My spouse and I already have wills, living wills, etc in place. It's just this one problem that's baffling us. It sounds like QTIP isn't the right vehicle.
It's not clear to me what "baffling" problem you have that would specifically require a QTIP. Why a QTIP rather than some other kind of trust, for example? What is it that you see as the problem you want to solve?

Quote Quoting Diver4242
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I heard someone elsewhere mention that they had their estate plan set up such that upon the event of their death, a trust was immediately created for their children. How does that work? Is that a way to create a trust for kids without having to set aside the assets and fund it in advance? It was on a podcast and without much context, but I was curious if it could solve this problem for us.
Broadly speaking, trusts fall into two categories. The first are inter vivos trusts (what is popularly called living trusts). These are trusts that you create during your lifetime. Then there are testamentary trusts. This is a trust created after you die, typically by putting the terms of the trust in your will. You can also create an inter vivos trust but not fund it (known as leaving it dry) until your death and have the will direct assets to that trust.