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Commonly Asked Questions about Legal Trust Forms for Married Couples

If shielding assets from creditors is a concern, separate trusts usually offer greater protection. With a joint trust, if a creditor obtains a judgment against one spouse, all of the trust assets may be at risk.
Separate Property Trusts can be used to: Protect children from a previous marriage and their right to inherit. Protect personal assets from financial risks brought on by the other spouse. Ensure that new children (if a spouse remarries) do not have access to certain assets titled in the separate property Trust.
Qualified Terminable Interest Property Trust. The Qualified Terminable Interest Property (QTIP) Trust is the most common method of creating a marital trust, especially for second marriages.
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.
Simple Living Trusts for Married Couples Simple living trusts are often considered the easiest kinds of trusts to set up and keep. In a simple living trust, a couple can share the control and benefits of the trust while they are living.
A joint spousal trust is an inter vivos trust created after 1999 by a spouse who was aged 65 or over at the time, or by both spouses if they were both aged 65 or over at the time. The spouses have the exclusive right, during their lifetimes, to receive all income from the trust.
Separate trusts may be a good option for couples who own separate property that they brought into the marriage, either from inheritances or previous marriages, but they can be more expensive and more complicated to administer. Joint trusts, on the other hand, allow for more flexibility.