Living Trust for Husband and Wife with One Child - Colorado 2025

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Benefits of Separate TrustsGreater Asset Protection A spouses trust is generally protected from the other spouses creditors. Also, when one spouse dies, his or her trust becomes irrevocable, making it more difficult for creditors of either spouse to reach the trust assets.
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.
A spouses separate trust is generally protected from the other spouses creditors. Also, when one spouse dies, his or her trust becomes irrevocable, making it more difficult for creditors of either spouse to reach the trust assets.
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.
Yes. There should always be a will (or Trust). If you only have one child/beneficiary, and if you trust that person, I HIGHLY recommend making all accounts TOD or POD. This bypasses probate, and beneficiaries trump wills/trusts. Same for any insur
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If each spouse has distinct assets or complex estate plans, separate trusts might be the better option. On the other hand, if a couples financial life is highly integrated, a joint trust could provide simplicity and ease of management. Its also important to note that this decision isnt set in stone.
Typically, a revocable living trust would be filed as a separate trust by each spouse, but sometimes a joint trust is a better option. A joint trust may be best if the couple is comfortable owning all assets jointly and with the surviving spouse inheriting all assets.
We charge $999 for a trust, which includes a durable power of attorney and living will, which is significantly less than a probate attorney will cost. Not only does it make sense in terms of dollars and cents, but making your wishes clear ahead of time avoids the emotional toll of family infighting.

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