What type of trust is appropriate for married couples?

Though not a silver bullet for every situation, in appropriate circumstances, a Joint Revocable Living Trust ("Joint Trust") can provide a married couple with significant benefits and simplify the administration of assets upon death or incapacity.

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Joint Trust with Income Payable to Trustors During Joint Lives

Kings New York Joint Trust with Income Payable to Trustors During Joint Lives

Name: Kings New York Joint Trust with Income Payable to Trustors During Joint Lives
Brand: US Legal Forms
Rating: 4.69 (371 reviews)

Category:

Trusts - Joint

State:

Multi-State

County:

Kings

Control #:

US-0682BG

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Description

Joint revocable trusts have been used historically as a mechanism for married persons to combine assets and control their disposition in a uniform manner.

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In a simple living trust, a couple can share the control and benefits of the trust while they are living. Once one spouse dies, the other spouse will have total control over the trust. After one spouse's death, the survivor can alter the beneficiaries if they wish.

What happens in this type of trust is that the trust is a joint revocable trust when both spouses are alive. When one of the spouses dies, the trust will then split into two trusts automatically. Each trust will have half the assets of the trust along with the separate property of the spouse.

When there are multiple trustees appointed to manage a trust, they are called co-trustees. A trustee manages and administers a trust, including selling and distributing trust property, and filing taxes for trust income when necessary.

Joint And Several Liability. In the situation where there are multiple trustees, the trustees are jointly and severally liable for properly incurred liabilities - that is, all trustees are responsible for each others decisions in respect to the Trust.

Trusts in California can have multiple trustees, not limited to merely two. California trust law requires that co-trustees act unanimously. If the trust instrument provides that co-trustees do not have to act unanimously, the instrument controls. The trust instrument may allocate certain powers to specific trustees.

Under the state's trusts and estates laws, trusts in California may have more than one trustee serving simultaneously. This is referred to as having co-trustees. For many individuals appointed as co-trustee under a loved one's trust, it can be difficult to understand what is expected.

Trusts for Spouses California follows the law of community property, which means that each spouse owns a half interest in community property and a full interest in any separate property. Each spouse is allowed to decide who receives their half of the community property when they die.

Though not a silver bullet for every situation, in appropriate circumstances, a Joint Revocable Living Trust ("Joint Trust") can provide a married couple with significant benefits and simplify the administration of assets upon death or incapacity.

Can a Trust Have Multiple Trustees? Most states allow multiple trustees for living trust arrangements, but these trustees might differ on the management and disposal of the assets in question. This can create as much or more of a delay as probate.

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.

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Kings New York Joint Trust with Income Payable to Trustors During Joint Lives

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FAQ

How does a trust work for a married couple?

What happens to a joint revocable trust when one spouse dies?

Can there be multiple Trustors?

Are trustees jointly liable?

Can a trust have multiple Trustors?

Can a trust have more than 1 trustee?

How does a trust affect married couples?

What type of trust is appropriate for married couples?

Can a revocable trust have 2 trustees?

Can a trust be in two names?

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Who are the trustors in this type of trust?

What happens to the income in this trust?

Can the trustors receive income from this trust after one of them passes away?

What happens to the trust assets when one of the trustors dies?

Can the trustors modify the terms of the trust during their lifetime?

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