Ken Lay's Will

"Residuary Estate" refers to whatever balance is left after debts, estate costs, and other claims (such as a possible settlement with the SEC). "Marital Deduction QTIP Trust" refers to a trust called the Linda Lay Trust that enables Lay to provide for his spouse and still maintain control of how assets are distributed once his surviving spouse has also died. QTIP stands for "qualified terminable interest property."

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