A person is thinking about leaving his money to four people. I will call them p1,p2,p3 and p4. When he dies he wants his money to go into a trust. In addition, he wants p1, p2 and p3 to be able to take out a small percentage of the trust every year. When three of the following people are dead: p1,p2,p3 and p4 ; he wants the money to go to the remaining survivor.
Is there any problem doing this? Would this be considered a QTIP trust?