South Carolina Revocable Trust Agreement when Settlors Are Husband and Wife

State:
Multi-State
Control #:
US-OG-104
Format:
Word; 
Rich Text
Instant download

Description

This form provides for the establishment of a trust, specifying the duties and responsibilities of the trustee, and the distribution of the assets to be transferred to the trust. This form of trust is known as a revocable intervivos trust. Being a trust does not automatically accomplish the transfer of an owners property into the trust. This must be done by conveying, in deeds or assignments, the property to the Trustee.
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  • Preview Revocable Trust Agreement when Settlors Are Husband and Wife
  • Preview Revocable Trust Agreement when Settlors Are Husband and Wife
  • Preview Revocable Trust Agreement when Settlors Are Husband and Wife
  • Preview Revocable Trust Agreement when Settlors Are Husband and Wife
  • Preview Revocable Trust Agreement when Settlors Are Husband and Wife
  • Preview Revocable Trust Agreement when Settlors Are Husband and Wife
  • Preview Revocable Trust Agreement when Settlors Are Husband and Wife
  • Preview Revocable Trust Agreement when Settlors Are Husband and Wife

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FAQ

The Joint Trust. 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.

Hear this out loud PauseRevocable living trusts have a few key benefits, like avoiding probate, privacy protection and protection in the case of incapacitation. However, revocable living trusts can be expensive, don't have direct tax benefits, and don't protect against creditors.

Each spouse is required to manage their own trust, but they can name the other spouse as co-trustee so they both can control all assets.

Hear this out loud PauseThe assets you cannot put into a trust include the following: Medical savings accounts (MSAs) Health savings accounts (HSAs) Retirement assets: 403(b)s, 401(k)s, IRAs.

Hear this out loud PauseBut if you have over $166,250 in your account, you should consider transferring it to your Trust so that your Beneficiary can receive their inheritance outside of Probate. To leave your bank account to someone else while keeping it out of a Trust, add a payable-on-death Beneficiary to your account.

Hear this out loud PauseFor a revocable living trust to take effect, it should be funded by transferring certain assets into the trust. Often people fund a living trust with real estate, financial accounts, life insurance, annuity certificates, personal property, business interests, and other assets.

A living trust can help you manage and pass on a variety of assets. However, there are a few asset types that generally shouldn't go in a living trust, including retirement accounts, health savings accounts, life insurance policies, UTMA or UGMA accounts and vehicles.

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.

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South Carolina Revocable Trust Agreement when Settlors Are Husband and Wife