Living Trust for Husband and Wife with Minor and or Adult Children - Minnesota 2026

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  1. Click ‘Get Form’ to open it in the editor.
  2. Begin by entering the date at the top of the form. This is crucial as it marks the official start of your trust.
  3. In Article I, specify the name of your trust. This will be how you refer to it in all future documents.
  4. Proceed to Article II, where you will identify the Trustors (you and your spouse) and list your children as beneficiaries. Ensure all names are spelled correctly.
  5. In Article III, appoint a Trustee. You can designate yourselves or another trusted individual. Include a Successor Trustee in case you cannot serve.
  6. Article IV requires you to list all assets that will be included in the trust. Attach an Exhibit A if necessary.
  7. Review Articles V through XII for additional provisions regarding trustee powers, administration, and distributions after death. Fill these sections according to your preferences.

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Joint trusts are the best trusts for married couples who are very stable and secure in their future plans. This couple will most likely be the joint co-trustees of their assets and enjoy a great deal of flexibility over the trust while they are alive.
Benefits of a Joint TrustSimplicity and Equality A joint trust establishes a structure in which either spouse would inherit the combined marital assets in the event of the other spouses passing. If appropriate for the couple, this type of trust can be less complex to set up and administer than separate trusts.
Joint trusts are a type of living trust created by two people (usually a married couple) that allows them to combine their assets into one trust. This approach can simplify estate planning, but it also has some drawbacks that should be considered.
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 trust assets may be at risk. A spouses trust is generally protected from the other spouses creditors.
An adult child may still be a beneficiary of the Trust, yet there is zero risk that the assets will be exposed to any of the beneficiarys creditors. A Trust also provides asset protection for beneficiaries so that your children can be protected from creditors even after your death. The Trust will also avoid probate.

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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.

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