Delaware Revocable Trust for Married Couple

• Category: Trusts - Revocable
• State: Multi-State
• Control #: US-01677BG-6
• Format: Word; Rich Text

Description

This form is a general form of a revocable trust agreement. Trusts can be revocable or irrevocable. The revocable trust can be amended or discontinued at any time. An irrevocable trust cannot be modified or discontinued. A Delaware Revocable Trust for Married Couple, also known as a Delaware Joint Revocable Trust or Delaware Living Trust, is a legal instrument designed specifically for married couples in the state of Delaware. This type of trust is often created to manage and distribute assets during the couple's lifetime and after their passing. Delaware Revocable Trusts provide several benefits to married couples, including the ability to maintain control over their assets, avoid probate, and ensure privacy. They are flexible and customizable, allowing couples to tailor the trust to their specific needs and wishes. There are three types of Delaware Revocable Trusts commonly used by married couples: 1. Revocable Living Trust: This is the most basic form of a Delaware Revocable Trust. Both spouses are named as granters and trustees, enabling them to retain complete control over the trust assets during their lifetimes. They can amend, modify, or revoke the trust as they see fit. Upon the death of one spouse, the surviving spouse becomes the sole trustee, ensuring a smooth transfer of assets without the need for probate. 2. AB Trust: Also referred to as a "marital and bypass" trust, an AB Trust is commonly utilized by married couples to minimize estate taxes. With an AB Trust, the assets are divided into two separate trusts upon the death of the first spouse — the A Trust (also known as the survivor's trust) and the B Trust (also known as the bypass trust). The Trust holds the assets for the surviving spouse's benefit and can be amended or revoked, while the B Trust locks in the deceased spouse's share and is generally not subject to estate tax upon the surviving spouse's death. 3. TIP Trust: A TIP (Qualified Terminable Interest Property) Trust is used when one or both spouses have been previously married and have children from another relationship. It allows the granter to provide for their current spouse while ensuring that the remaining assets pass to their children from a previous marriage upon the surviving spouse's death. The TIP Trust provides income to the surviving spouse, while preserving the principal for the ultimate beneficiaries. In summary, a Delaware Revocable Trust for Married Couples offers numerous advantages, such as asset control, probate avoidance, and privacy protection. The specific type of trust chosen will depend on the couple's goals, estate planning needs, and familial circumstances. Consulting with an experienced estate planning attorney is crucial to determine the most suitable Delaware Revocable Trust for each couple's unique situation.

A Delaware Revocable Trust for Married Couple, also known as a Delaware Joint Revocable Trust or Delaware Living Trust, is a legal instrument designed specifically for married couples in the state of Delaware. This type of trust is often created to manage and distribute assets during the couple's lifetime and after their passing. Delaware Revocable Trusts provide several benefits to married couples, including the ability to maintain control over their assets, avoid probate, and ensure privacy. They are flexible and customizable, allowing couples to tailor the trust to their specific needs and wishes. There are three types of Delaware Revocable Trusts commonly used by married couples: 1. Revocable Living Trust: This is the most basic form of a Delaware Revocable Trust. Both spouses are named as granters and trustees, enabling them to retain complete control over the trust assets during their lifetimes. They can amend, modify, or revoke the trust as they see fit. Upon the death of one spouse, the surviving spouse becomes the sole trustee, ensuring a smooth transfer of assets without the need for probate. 2. AB Trust: Also referred to as a "marital and bypass" trust, an AB Trust is commonly utilized by married couples to minimize estate taxes. With an AB Trust, the assets are divided into two separate trusts upon the death of the first spouse — the A Trust (also known as the survivor's trust) and the B Trust (also known as the bypass trust). The Trust holds the assets for the surviving spouse's benefit and can be amended or revoked, while the B Trust locks in the deceased spouse's share and is generally not subject to estate tax upon the surviving spouse's death. 3. TIP Trust: A TIP (Qualified Terminable Interest Property) Trust is used when one or both spouses have been previously married and have children from another relationship. It allows the granter to provide for their current spouse while ensuring that the remaining assets pass to their children from a previous marriage upon the surviving spouse's death. The TIP Trust provides income to the surviving spouse, while preserving the principal for the ultimate beneficiaries. In summary, a Delaware Revocable Trust for Married Couples offers numerous advantages, such as asset control, probate avoidance, and privacy protection. The specific type of trust chosen will depend on the couple's goals, estate planning needs, and familial circumstances. Consulting with an experienced estate planning attorney is crucial to determine the most suitable Delaware Revocable Trust for each couple's unique situation.