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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.

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.

Naming your spouse as the beneficiary is the most accessible and most beneficial choice because assets pass estate-tax-free between spouses no matter the amount as long as the spouse is a U.S. citizen.

You could end up paying more than $1,000 to create a living trust. While these costs are a definite downside, you'll dodge the potential dangers of DIY estate planning by getting an expert's input.

Assuming you have no creditor concerns, both spouses want all the assets to go to the surviving spouse, and state death tax will not be an issue, a joint trust may be the way to go, for several reasons: A joint trust is easier to fund and maintain during the couple's lifetime.

Yes, but naming the surviving spouse, as a Trustee should be done only after reviewing all the facts and counseling with your advisors. In a “first time” marriage where both spouses have great confidence in each other, it is common for the surviving spouse to be designated as a Trustee of the Family and Marital Trusts.

Yes. A married couple can typically create a joint trust agreement, naming themselves as co-trustees. Under this arrangement, the married couple will own the trust assets during their lifetimes.

The surviving spouse automatically receives all community property. Separate personal property also goes completely to the surviving spouse, while separate real property is split down the middle between the surviving spouse and the deceased's parents, siblings or siblings' descendants, in that order.