Joint trust 2025

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What are the pros of joint trusts? Aside from the fact that one joint trust is easier to manage than two trusts, joint trusts: Avoid probate: When one partner dies, the trusts remaining assets can be transferred to the surviving partner without going through (a lengthy and expensive) probate.
What are the cons of joint trusts? Primarily, the lack of flexibility in a joint trust can be a problem, especially if the two spouses dont agree about who should ultimately be a beneficiary or how much they should receive.
Assets going to beneficiaries besides the surviving spouse: In situations where a spouse wants some or all of their assets to go to beneficiaries other than the surviving spouse, separate trusts are often a better solution.
Joint trusts are a great way for spouses to hold assets if their assets are also jointly held. It makes it easy to take care of each other. With a joint trust, both parties are joint trustees. If one person becomes incapacitated, the other one is the sole trustee and continues to take care of everything.
Selecting the wrong trustee is easily the biggest blunder parents can make when setting up a trust fund. As estate planning attorneys, weve seen first-hand how this critical error undermines so many parents good intentions.
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