Why would a married couple have separate trusts?

Separate trusts may offer better protection from creditors, if this is a concern. For example, at the death of the first spouse, the deceased spouse's trust becomes irrevocable, which makes it harder to access by creditors. And yet the surviving spouse can still access it for income and other needs.

Should a husband and wife have separate trusts?

Separate trusts provide more flexibility in the event of a death in the marriage. Since the trust property is already divided, separate trusts preserve the surviving spouse's ability to amend or revoke assets held within their own trust, while ensuring that the deceased spouse's trust cannot be amended after death.

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Illinois Living Trust for Husband and Wife with No Children

Living Trust

Name: Illinois Living Trust for Husband and Wife with No Children
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.68 (438 reviews)

Category:

Illinois Trusts - Living Trusts

State:

Illinois

Control #:

IL-E0174

Format:

Instant download

Description Living Trust Form

This Living Trust form is a living trust prepared for your state. It is for a husband and wife with no children. A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. The trust then owns and manages the property held by the trust through a trustee for the benefit of named beneficiary, usually the creator of the trust (settlor). The settlor, trustee and beneficiary may all be the same person. In this way, a person may set up a trust with his or her own assets and maintain complete control and management of the assets by acting as his or her own trustee. Upon the death of the person who created the trust, the property of the trust does not go through probate proceedings, but rather passes according to provisions of the trust as set up by the creator of the trust.

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Illinois Trust FAQ

Separate trusts may offer better protection from creditors, if this is a concern. For example, at the death of the first spouse, the deceased spouse's trust becomes irrevocable, which makes it harder to access by creditors. And yet the surviving spouse can still access it for income and other needs.

Joint trusts are easier to fund and maintain.In a joint trust, after the death of the first spouse, the surviving spouse has complete control of the assets. When separate trusts are used, the deceased spouses' trust becomes irrevocable and the surviving spouse has limited control over assets.

Typically, when a married couple utilizes a Revocable Living Trust based estate plan, each spouse creates and funds his or her own separate Revocable Living Trust. This results in two trusts. However, in the right circumstances, a married couple may be better served by creating a single Joint Trust.

Generally, trusts are considered the separate property of the beneficiary spouse and the assets in a trust are not subject to equitable distribution unless they contain marital property.Any funds remaining in the trust or in a separate account will continue to be the separate property of the beneficiary spouse.

Q: Can a person have more than one trust? A: Yes, it is not that uncommon for a person to be the beneficiary of multiple trusts. However, caution should be used. Trusts come in many shapes and sizes and can serve multiple purposes and can be established by you or by someone else for your benefit.

Basic revocable living Trusts may be included in a flat-fee estate planning package costing between $2,500 and $6,000. Revocable living Trusts help you bypass the costly and public probate process and can evolve into testamentary Trusts that allow you to control your assets long after you have departed this world.

Separate trusts provide more flexibility in the event of a death in the marriage. Since the trust property is already divided, separate trusts preserve the surviving spouse's ability to amend or revoke assets held within their own trust, while ensuring that the deceased spouse's trust cannot be amended after death.

In California, surviving spouses already receive all of the community property upon the death of their spouse.However, creating a joint will is still an option in California, and while it might help a couple save some time and money on their estate plan, it can also lead to some complex problems.

Living Trust

Description Living Trust Form

Trust Form Agreement Related forms

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How to fill out Living Form Revocable?

Living Trust Forms Bundle

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Living Trust Document Form Rating

Living Trust Revocable Form popularity

Living Trust Print Other Form Names

Illinois Trust FAQ

Why would a married couple have separate trusts?

Should a married couple have a joint trust or separate trusts?

Can a husband and wife have a joint trust?

Is my spouse entitled to my trust?

Can a person have 2 trusts?

How much does a living trust cost in Illinois?

Should a husband and wife have separate trusts?

Can husband and wife have a joint will?

Living Trust Sample Trusted and secure by over 3 million people of the world’s leading companies

Living Trust

Description Living Trust Form

Trust Form Agreement Related forms

Related legal definitions

Viewed forms

How to fill out Living Form Revocable?

Living Trust Forms Bundle

Show more info

Living Trust Sample Trusted and secure by over 3 million people of the world’s leading companies