Cannon Trust School Level II Practice Exam

The Spousal Lifetime Access Trust is abbreviated as which acronym?

Spousal Living Asset Transfer Spousal Lifetime Access Trust Silent Legacy Asset Trust Simple Lifetime Annuity Trust

Correct Answer:

Spousal Lifetime Access Trust

Explanation:

Acronyms in estate planning come from the exact four words of the official name. The Spousal Lifetime Access Trust is abbreviated SLAT because it takes Spousal, Lifetime, Access, and Trust. This is the standard designation used in practice, reflecting the four-part name of the trust type. That’s why SLAT is the recognized acronym. Other phrasings don’t match the common term professionals use, so they aren’t the standard abbreviation.

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