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Revocable Trust Agreement with Husband and Wife as Trustors and Income to Trustors for their lives with Remainder to Descendants This Revocable Living Trust Agreement, hereinafter called the Trust,
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FAQ

If so, the joint trust will provide superior protection from judgments against one spouse. Separate trusts may be a better option to protect assets from creditors. Separate trusts require a bit more work, as each spouse is required to manage their own trust.

The way most joint trusts are drafted, either spouse has full unrestricted access to all assets in the trust while both spouses are alive and after one spouse's death. When you have a joint trust, since both you and your spouse have full unrestricted access to the trust assets, so do your creditors.

Since all marital assets are located in one trust, all assets would be at risk if a creditor obtains judgment over either spouse. ... If so, the joint trust will provide superior protection from judgments against one spouse. Separate trusts may be a better option to protect assets from creditors.

Yes, married couples have separate wills. A will is an individual thing, and can only be an individual thing. You cannot have a will for more than one person. If both of you were to die simultaneously, shared property would be liquidated and distributed equally among your estate beneficiaries.

“Separate property,” by the way, is the legal term for assets such as cash, investments and real estate that you owned before you married. It also applies to any gifts or inheritances you receive during marriage. ... So can using money from a joint account to pay taxes on separately owned investments or property.

In addition, income from a trust received during the marriage which is deemed a property interest is considered marital property even though the trust itself may be considered separate property.

When one spouse dies, the surviving spouse is often designated as the sole remaining beneficiary and is generally named as the surviving trustee, then upon the death of the surviving spouse, property passes to the named heirs. ... Your spouse would control the shared property if you do in fact predecease your spouse.

If you and your spouse created a revocable living trust, you can change all or part of the trust after your spouse's death. A traditional living trust allows you to change the terms by creating an amendment or making a new trust agreement. ... Your part is the survivor's trust and your spouse's part is the bypass trust.

Separate trusts can have less administration after one spouse's death. Many joint trusts have provisions that require a surviving spouse to create separate trust funds after one spouse's death, one in the name of the deceased spouse and one in the name of the survivor.

Usually, couples who do this serve as joint trustees and as beneficiaries. If your partner dies, you become sole trustee. When you die, the successor trustee takes over. The trust doesn't become irrevocable until you both die, so you can change or revoke the trust after your partner's death.