Washington Revocable Trust Agreement when Settlors Are Husband and Wife
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How to fill out Revocable Trust Agreement When Settlors Are Husband And Wife?
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FAQ
A person called the settlor (or trustor) creates the trust and puts the property in the trust. The settlor, trustee, and beneficiary can be different people. But, one single person could be the settlor, trustee and beneficiary.
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.
The surviving spouse is the sole Settlor/Trustee/Beneficiary if one dies. In short, nothing changes.
There are some circumstances where it may not be preferred to have the surviving spouse serve as a Trustee of the Family and/or Marital Trusts. Perhaps a spouse has not had experience dealing with finances, maybe they have poor spending habits, or perhaps the couple is in a second or subsequent marriage.
The disclaimer trust approach Disclaimer trusts offer maximum flexibility where there is substantial trust between spouses, and each spouse wants the other to keep and use the household's combined property after the first spouse passes away.
The Joint Trust. 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.
Recommended for you For married couples, a Joint Revocable Trust might be able to offer a sense of confidence that begins the day you both sign. Read more about Joint Trusts and whether or not they're a smart choice for your circumstances.
A joint trust gives the surviving spouse more flexibility to use all of the assets of the trust after the death of the first spouse. A joint revocable trust is also easier to fund and maintain during a couple's lifetime. All assets simply go into the same place; there's no need to decide which trust an asset goes into.