What is a Joint Living Trust?
A joint living trust is a legal document that allows a married couple or domestic partners to hold their assets together in a single trust, and can be effective during their lifetime as well as after death.
By creating a joint living trust, the couple can avoid the probate process, which can be a lengthy and expensive court-supervised process of distributing assets after death. The trust allows the couple to retain control over their assets during their lifetime, and designate how their assets will be managed and distributed after their death.
During the couple’s lifetime, they serve as co-trustees and manage the assets in the trust together. They can also make changes to the trust at any time. After the death of one of the co-trustees, the surviving co-trustee retains control of the assets in the trust and can continue to manage them according to the trust’s terms.
A joint living trust can provide several benefits, including protection of assets from creditors, avoiding the need for conservatorship if one of the co-trustees becomes incapacitated, and providing for the care of minor children or other beneficiaries after the death of both co-trustees.
While creating a joint living trust may seem complex, it is a valuable estate planning tool that can offer peace of mind to married couples or domestic partners.
We The People can provide guidance and assistance with the necessary forms and procedures involved in forming a joint living trust. Learn more about our joint living trust package here.
Disclaimer: This content is for informational pruposes only and should not be considered legal advice. Consult with a licensed and qualified attorney for advice specific to your situation.
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