Joint Revocable Trust
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A Joint Revocable Trust is a joint trust that is a revocable trust.
- Context:
- It can avoid the use of a Probate.
- It can (typically) have a Instructions & Rules to Follow.
- the document covers itself what would happen when the first one dies, second one dies, both die ...
- Died (eventuality) or incapacitated (pos
- when two people say in writing that I can not take care of my own finances.
- It can be an entity like a trust that can own property.
- …
- Trust Principal, Trust Income.
- …
- Example(s):
- Counter-Example(s):
- See: Will, Estate Planning, Successor Trustee, Sole Trustee, Surviving Spouse, Health, Education, Maintenance, Support.
References
2021
- https://www.agerlawoffice.com/estate-planning/2021/01/07/should-you-have-a-joint-revocable-trust-in-your-estate-plan/
- QUOTE: ... A joint revocable trust is a single trust document that two persons establish to hold title to assets which they typically own together as a married couple. While both spouses are alive and competent, they both retain full control of the trust assets and can change the trust at any time. If one spouse becomes incapacitated, the other spouse continues to control the trust assets and can use the assets for both couples’ care. If both persons become incapacitated, then an appointed successor trustee steps in to ensure the couple is properly cared for.
After the death of one spouse, the surviving spouse continues to have control over the trust assets. Upon the death of the surviving spouse, the trust becomes irrevocable. The designated successor trustee then takes control of the trust and distributes the remaining assets as directed in the trust document.
Given the current increased federal estate tax exemption, more married couples can use a joint trust as a practical and cost-efficient estate planning tool, instead of having to establish separate trusts for tax-oriented estate planning. ...
- QUOTE: ... A joint revocable trust is a single trust document that two persons establish to hold title to assets which they typically own together as a married couple. While both spouses are alive and competent, they both retain full control of the trust assets and can change the trust at any time. If one spouse becomes incapacitated, the other spouse continues to control the trust assets and can use the assets for both couples’ care. If both persons become incapacitated, then an appointed successor trustee steps in to ensure the couple is properly cared for.