Virginia Revocable Living Trust for Husband and Wife with Separate Kids
Form popularity
FAQ
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.
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.
Yes you can set up a trust independent of your husband. You could fund the trust with your personal property now and/or designate any community property that is yours at the time of your death to pour over into the trust.
Q: Can a person have more than one trust? A: Yes, it is not that uncommon for a person to be the beneficiary of multiple trusts. However, caution should be used. Trusts come in many shapes and sizes and can serve multiple purposes and can be established by you or by someone else for your benefit.
1. Can a trust ever be a joint tenant? Summary Response: Yes, California Civil Code § 683, subdivision (a) specifies that a joint tenancy may be created by grant or devise to trustees as joint tenants.
Separate trusts may offer better protection from creditors, if this is a concern. For example, at the death of the first spouse, the deceased spouse's trust becomes irrevocable, which makes it harder to access by creditors. And yet the surviving spouse can still access it for income and other needs.
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.The value of the couple's assets is less than the federal estate tax exemption amount.
No separate tax return will be necessary for a Revocable Living Trust. However, even though the Grantor is taxed on the Trust income, the assets are legally held by the Trust, which will survive the Grantor's death. That is why the assets in the Trust do not need to go through the probate process.
In sum, the general rule is that the Joint Tenancy Deed overrides the Last Will.In such cases, the right to ownership would depend upon the directions in your mother's Last Will or her Trust, at least to the extent of a one-half interest in the property.