Pennsylvania Living Trust for Husband and Wife with One Child
Description Pa Living Trust Form
How to fill out Pennsylvania Living Trust For Husband And Wife With One Child?
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FAQ
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.
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.
A main characteristic of the common law trust is the concept of dual ownership. This concept establishes a distinction between a trustee's legal ownership of the assets of the trust and a beneficiary's equitable title to those same assets.
When one spouse dies, the joint trust will continue to operate for the benefit of the surviving spouse as a Survivor's Trust. Any specific gifts of tangible property from the first spouse to beneficiaries (other than the surviving spouse) will be given to those people.
Next of kin is defined in Pennsylvania Title 20, Chapter 3, §305 as: The spouse and relatives by blood of the deceased in order that they be authorized to succeed to the deceased's estate under Chapter 21 (relating to intestate succession) as long as the person is an adult or an emancipated minor.
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.
While there are a number of different types of trusts, the basic types are revocable and irrevocable.