Mississippi Revocable Trust Agreement when Settlors Are Husband and Wife

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• Control #: US-OG-104
• Format: Word; Rich Text

Description

This form provides for the establishment of a trust, specifying the duties and responsibilities of the trustee, and the distribution of the assets to be transferred to the trust. This form of trust is known as a revocable intervivos trust. Being a trust does not automatically accomplish the transfer of an owners property into the trust. This must be done by conveying, in deeds or assignments, the property to the Trustee.

A Mississippi Revocable Trust Agreement is a legal document that allows a husband and wife (settlers) in the state of Mississippi to establish and manage a trust for their assets during their lifetime and provide instructions for the distribution of those assets upon their death. This agreement serves to protect and manage the settlers' assets, minimize estate taxes, and avoid the probate process. When Settlers Are Husband and Wife, there are two main types of Mississippi Revocable Trust Agreements to consider: 1. Joint Revocable Trust: A Joint Revocable Trust is created by both the husband and wife as co-trustees and co-beneficiaries. They jointly manage and control the trust assets during their lifetime. This type of trust agreement provides flexibility for the couple to make changes or revoke the trust agreement as they see fit. Upon the death of one spouse, the trust assets typically continue to be managed by the surviving spouse. After the death of both spouses, the trust assets are distributed according to the terms specified in the trust agreement. 2. Reciprocal Revocable Trust: In a Reciprocal Revocable Trust, each spouse establishes their own separate revocable trust. Each trust is funded with separate assets owned individually by each spouse. However, the terms of both trusts are nearly identical, and each spouse typically designates the other as the primary beneficiary of their trust. This type of trust agreement is often created to ensure that both spouses can take advantage of estate tax exemptions. Upon the death of one spouse, the trust assets in that spouse's trust are distributed according to the terms specified, and the surviving spouse continues to manage and control their own trust. In both types of revocable trust agreements, the settlers have the flexibility to make changes, add or remove assets, or even revoke the trust entirely during their lifetime. By establishing a Mississippi Revocable Trust Agreement, husband and wife can gain greater control over their assets, protect their privacy since the trust avoids probate, and plan for the seamless transfer of their wealth to their chosen beneficiaries.