Revocable Trust for Married Couple
Description
Definition and meaning
A Revocable Trust for Married Couple is a legal arrangement allowing married individuals to place their assets into a trust during their lifetime. The trust can be altered or revoked by the trustors, who are typically the married couple. This type of trust is designed to manage the couple's assets, providing flexibility in how the assets are distributed upon death or if one spouse becomes incapacitated.
Key components of the form
This form includes several essential components:
- Trust Estate: The section defines the property that is transferred into the trust.
- Revocation and Amendment: Details the rights of the trustors to amend or revoke the trust.
- Additions to Trust Estate: Allows for future contributions to be made to the trust.
- Powers of Trustee: Outlines the authorities granted to the trustee in managing the trust assets.
- Distribution Provisions: Specifies how income and principal will be distributed to beneficiaries.
How to complete a form
Completing the Revocable Trust for Married Couple form involves several steps:
- Provide Personal Information: Enter the names, addresses, and other identifying details of the trustor and trustee.
- Describe the Trust Estate: Clearly identify the assets that will be included in the trust.
- State Revocation Rights: Indicate any conditions for revoking or amending the trust.
- Detail Distribution Plans: Describe how the trust income and principal will be paid out to beneficiaries.
- Sign and Date: Both trustors and the trustee must sign and date the document in the presence of a notary.
Who should use this form
This form is suitable for married couples who wish to:
- Manage their assets efficiently during their lifetime.
- Ensure a smooth transition of asset ownership upon death.
- Maintain control over their estate and protect their beneficiaries.
- Reduce the likelihood of probate and associated costs.
Common mistakes to avoid when using this form
When completing the Revocable Trust for Married Couple form, it is important to avoid the following mistakes:
- Incomplete Information: Ensure all personal and trust details are fully filled out.
- Not Notarizing: Failing to have the document properly notarized can lead to issues with legal validity.
- Confusing Language: Using vague or unclear language can result in misinterpretations of the trust's terms.
- Ignoring State Requirements: Each state may have specific rules regarding trusts; ensure compliance with local laws.
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FAQ
Typically, when a married couple utilizes a Revocable Living Trust based estate plan, each spouse creates and funds his or her own separate Revocable Living Trust. This results in two trusts. However, in the right circumstances, a married couple may be better served by creating a single Joint Trust.
At the time of your death, the assets in your family trust are protected by the exemption, and the assets in your marital trust are protected by the marital deduction. No estate taxes are due.
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.
The joint revocable living trust should be revocable and subject to amendment by either spouse or both spouses acting together during the joint lifetimes of the spouses. If the trust is revoked, its assets will be distributed to the spouses as they direct.Dangers of joint revocable living trusts.
Joint trusts are easier to fund and maintain.In a joint trust, after the death of the first spouse, the surviving spouse has complete control of the assets. When separate trusts are used, the deceased spouses' trust becomes irrevocable and the surviving spouse has limited control over assets.
Separate trusts provide more flexibility in the event of a death in the marriage. Since the trust property is already divided, separate trusts preserve the surviving spouse's ability to amend or revoke assets held within their own trust, while ensuring that the deceased spouse's trust cannot be amended after death.
When one spouse dies, the joint trust will continue to operate for the benefit of the surviving spouse as a Survivor's Trust. Any specific gifts of tangible property from the first spouse to beneficiaries (other than the surviving spouse) will be given to those people.
A marital trust allows the couple's heirs to avoid probate and take less of a hit from estate taxes by taking full advantage of the unlimited marital deductiona provision that enables spouses to pass assets to each other without tax consequences.