Joint Revocable Trust In Community Property State
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FAQ
In other situations, a joint revocable trust is prepared so that after the first death, the entire remaining trust estate, including that portion belonging to the deceased spouse, remains revocable by the surviving spouse (sometimes referred to as the ?outright approach?).
There are some drawbacks though. For example, a Joint Trust may not offer asset protection in cases of creditors or judgements against either spouse. Because everything is in one Trust, all assets would be vulnerable to judgements. Another possible disadvantage could be a lack of flexibility after one spouse's death.
Loss of Control With joint revocable trusts, both spouses must agree on all asset decisions. This requirement can often limit each spouse's control over the shared assets held in the trust, leading to conflicts or disagreements.
Loss of Control With joint revocable trusts, both spouses must agree on all asset decisions. This requirement can often limit each spouse's control over the shared assets held in the trust, leading to conflicts or disagreements.
Attempts to put more assets than are rightfully yours into a trust will not override the community property law.