Connecticut Revocable Trust Agreement When Settlers Are Husband and Wife: A Connecticut Revocable Trust Agreement, when the settlers are husband and wife, is a legal document that allows spouses to establish a trust in which they can transfer assets during their lifetime, with the ability to modify or revoke it at any time. This type of trust provides numerous benefits, including probate avoidance, asset protection, and estate planning flexibility. Key elements covered within a Connecticut Revocable Trust Agreement include: 1. Settlers: The husband and wife who create the trust are known as the settlers. They are responsible for funding the trust by transferring their assets into it. 2. Trustee: The settlers appoint themselves as initial trustees, granting them full control over trust assets during their lifetime. They can also designate successor trustees to manage the trust after their death or incapacity. 3. Revocability: The trust created is revocable, meaning the settlers can modify or revoke the trust as they see fit. This flexibility allows them to adapt to changing circumstances or estate planning goals. 4. Assets and Funding: The settlers have the authority to transfer various types of assets into the trust, such as real estate, bank accounts, investments, and personal property. The trust agreement outlines the specific transfer process and provides instructions for future asset acquisitions. 5. Disposition of Assets: The trust agreement details how the assets held within the trust will be distributed upon the death of the settlers. It may include provisions for the surviving spouse, children, or other beneficiaries. This allows for customized estate planning tailored to the unique needs and objectives of the couple. Types of Connecticut Revocable Trust Agreement When Settlers Are Husband and Wife: 1. Joint Revocable Trust: This type of trust is established together by both spouses, with both serving as the initial trustees. It combines and manages joint assets in one trust. Upon the death of one spouse, the surviving spouse retains control and full access to the trust assets. 2. Separate Revocable Trust: In this option, each spouse creates a separate revocable trust. They can each transfer their individual assets into their respective trusts, maintaining control over those assets during their lifetime. Upon the death of one spouse, their trust assets are typically distributed according to their specific instructions. 3. Disclaimer Trust: Also known as a "credit shelter trust," this type of trust is designed to facilitate estate tax planning. It includes provisions that allow the surviving spouse to disclaim or elect not to receive a portion of the deceased spouse's estate, reducing potential estate taxes. The disclaimed assets are then transferred into the trust. 4. Qualified Terminable Interest Property (TIP) Trust: This trust option provides support for a surviving spouse while ensuring control over asset distribution after their death. It allows the surviving spouse access to income from the trust during their lifetime, with the remainder passing to other beneficiaries named by the settlers. These variations in Connecticut Revocable Trust Agreements when settlers are husband and wife offer flexibility and options for estate planning, enabling couples to customize their trusts based on their specific goals and circumstances. Consulting with an experienced estate planning attorney is highly recommended ensuring compliance with Connecticut laws and specific family dynamics.
Connecticut Revocable Trust Agreement when Settlors Are Husband and Wife
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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?).
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.
When setting up a trust, the settlors can choose whether to set this up as a joint settlor trust or a single settlor trust.
The settlor of a trust can be anyone, whether they're appointed on a personal or professional basis. The professional settlor can be a trust lawyer or accountant. These people are usually highly adept and can advise on complex issues.
Regardless of what this entity is called, its role is to legally transfer control of an asset to a trustee, who manages it for one or more beneficiaries. In certain types of trusts, the settlor may also be the beneficiary, the trustee, or both.
A basic revocable joint trust agreement (also referred to as a trust instrument or declaration of trust) for married couples that can be customized for use in any US jurisdiction. Married individuals as joint settlors may use this trust to hold and administer their assets and property during their lifetimes.
Two Settlor and One-Settlor Trusts - Trusts can be created by multiple persons, for example couples (married or otherwise), or one person.