Living Trust for Husband and Wife with Minor and or Adult Children - Washington: Fill out & sign online

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Is setting up a family trust a good idea?

Family trusts protect your investment assets A family trust can protect the assets of a family group, as assets arent held in your personal name. A family trust is a separate legal entity, meaning you can access a certain level of protection if you face financial difficulty or legal action.

What is the best trust for a married couple?

A joint revocable trust is probably the easiest form of living revocable trusts for a married couple to use. A joint revocable trust merges the estate planning of a couple using a single trust document.

Can two people have the same trust?

Joint trusts are easier to manage during a couples lifetime. Since all assets are held in one trust, ownership mimics how many couples hold their assets - jointly. Both spouses having equal control of the management of joint assets held by the trust.

What is the downside of a family trust?

Disadvantages of a Family Trust You must prepare and submit legal documents, which the court charges a fee to process. The second financial disadvantage of a family trust is the lack of tax benefits, especially when it comes to filing income taxes. When the grantor dies, the trust must file a federal tax return.

Can husband and wife have the same trust?

Joint Trust: Because all assets are inside one trust, sometimes Joint Trusts can make things simpler. While both spouses are living, each has equal control regarding the management of joint assets held in the Joint Trust.

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