This is a sample Community Trust. Community trusts are joint trusts that are set up by married couples. They allow spouses in non-community property states to enjoy the same benefits as spouses in community property states. This type of trust holds assets that the couple deposits to the trust.
While it's not strictly necessary, working with a lawyer can help ensure everything is done correctly and that your trust meets all legal requirements.
Not quite! A Community Property Trust helps manage property while you're living, whereas a will comes into play after someone passes away.
Yes, you can transfer property you already own into a Community Property Trust, helping to keep everything organized and in one place.
The trust holds the property and assets jointly owned by a couple. After one partner passes away, the surviving partner can continue managing the trust without any major fuss.
Having a Community Property Trust can simplify things like estate planning and help keep your property out of probate, which can save time and hassle.
Typically, married couples or registered domestic partners can set up a Community Property Trust to help manage their shared property.
A Community Property Trust is a way for couples to manage their shared assets and property, making it easier to pass on what they own when the time comes.