A Joint Revocable Living Trust is one that a person creates with his or her spouse or partner to combine their assets for joint management.
Instead of creating two separate living trusts, couples can choose to make a Joint Living Trust. It can either be revocable or irrevocable.
There are many advantages to putting your joint assets into a living trust. They include more privacy, more flexibility in asset management, and reduced probate expenses.
With a Joint Revocable Living Trust, couples can transfer their assets to their beneficiaries with relative ease. Your assets are placed into the trust but can be added and removed as you desire.
However, since the assets are not locked as they would be in an irrevocable trust, estate taxes will still apply. Even though you and your spouse's assets are in a trust, you're still technically considered the owners. This is not the case with an irrevocable trust, where the grantors can also be the trustees of the trust, in which case they do not have to be compensated.
Depending on your state, a Joint Revocable Living Trust may also be known as:
Both married and unmarried couples can create a Joint Revocable Living Trust. In any event, both individuals should state in the document whether they live together or separately. They also get to designate a trustee for the assets. Often, the grantor is also the trustee, but they can appoint alternative trustees if they become incapacitated.
Create your own documents by answering our easy-to-understand questionnaires to get exactly what you need out of your Joint Revocable Living Trust.
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All you have to do is fill out a simple questionnaire, print, and sign. No printer? No worries. You and other parties can even sign online.
Before creating a Joint Revocable Living Trust, you must decide on your asset management. With the details in hand, you can trust 360 Legal Forms to create a document complying with federal and local statutes.
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An essential part before signing is to review the Joint Revocable Living Trust document with care. You and your partner must sign the document simultaneously and have it witnessed by a notary public.
After you get the document notarized, you can complete all the accompanying paperwork to transfer the assets to the trust. You might also need a Certificate of Trust, which is to be signed by the trustee and establishes their authority. In most states, you're not required to register the trust with the court or county recorder, making it non-public information.
This is entirely up to you. If you are comfortable, you can create the document on your own with the help of an online tool. Hiring a law firm that does this day in and day out will expedite the process at a cost.
The short answer is yes. The biggest reason is that not all of your assets will be included in the Joint Revocable Living Trust. Also, a will covers other things that a living trust cannot. For example, the will can specify the custody rights of the children and other wishes not concerned with properties and assets.
All revocable living trusts, just like living wills, can be challenged in court. Dissatisfied heirs can choose to stake their claims and enlist a court to rule on them. In contrast, Irrevocable Living Trusts may have better protection against challenges.
Couples often go with the Joint Revocable Living Trust to lower the administrative costs. But in any event, the legal fees can add up and so are the fees of the trustee or trustees.
The purpose of the burial trust is to pay for the expenses of the funeral. People choose to create a burial trust to lessen the burden on family members and perhaps also to ensure that they get a proper burial. The trustee would take care of everything.
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