Qualified Terminable Interest Property (Q-TIP) Trust Qualified Terminable Interest Property (Q-TIP) Trust
A trust that enables a family to delay paying estate taxes on assets that a decedent bequeaths to a spouse. A Q-TIP permits a widow or widower to receive income and some principal from the trust, but not to will its assets to another spouse in the event of a remarriage. The assets are considered part of the widow or widower's estate and may be taxed accordingly upon the person's death.