Which of the following statements is correct

1. An ABC Trust arrangement utilizes a General Power of Appointment Trust, a QTIP Trust and a GST Trust to maximize the use of a decedents applicable estate tax credit.
2. When too few assets pass to a decedents surviving spouse, and as such the decedents taxable estate is greater than the applicable estate tax credit equivalency, the decedents estate is said to be overqualified.
3. When a decedents taxable estate is less than the applicable estate tax credit equivalency, the estate must still file the 706.\
4. The ultimate beneficiary of a QTIP Trust is selected by the grantor of the QTIP.