Georgia Revocable Trust Agreement when Settlors Are Husband and Wife
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How to fill out Revocable Trust Agreement When Settlors Are Husband And Wife?
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FAQ
The surviving spouse is the sole Settlor/Trustee/Beneficiary if one dies. In short, nothing changes.
A revocable trust is a very popular estate planning option. If a married couple wants to use that tool in their estate planning, they can choose either a joint trust or separate trusts.
A trust set up in one spouse's name can be considered separate property regardless of whether it is set up before or after marriage.
Subject to tax and other considerations, it may be possible for the settlor and the trustee to be the same person. In some cases, a settlor or trustee might also be a beneficiary of the trust.
In general, most experts agree that Separate Trusts can provide more asset protection. Joint Trust: Marital assets are all together in a single trust. This means there's less asset protection, because if there's ever a judgment over one of the spouses, all of the assets could end up being at risk.
Co-owners Must be Natural Persons: A natural person is a human being; therefore, legal entities, such as corporations or trusts, cannot own a joint account.
Trusts can be both single and joint. A single living trust involves just one individual, while a joint living trust usually involves a married couple. Joint living trusts are commonly used to transfer assets between spouses upon one spouse's death.
A Joint Trust is a single Trust document that covers both spouses and offers provisions for what happens upon the death of each. These specific types of Trusts may be particularly useful for married couples who live in a Community Property state.