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Should a married couple have a joint trust or separate trusts?

In general, most experts agree that Separate Trusts can provide more asset protection. Joint Trust: Marital assets are all together in a single trust. This means theres less asset protection, because if theres ever a judgment over one of the spouses, all of the assets could end up being at risk.

Should I have multiple trusts?

A person certainly can have more than one trust. The question of whether they should depend on the person. Almost every person can benefit from having a revocable living trust. There are multiple potential benefits if one has this type of trust, with the most commonly known benefit being probate avoidance.

Should a married couple have two trusts?

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.

How does a living trust work in NY?

A living trust in New York allows you to place your asset into a trust but still use them during your lifetime. Your beneficiaries inherit them after your death. A revocable living trust (sometimes known as an inter vivos trust) provides many advantages that may make it a desirable part of your estate planning process.

Why would a married couple have two trusts?

Separate trusts provide more flexibility in the event of a death in the marriage. Since the trust property is already divided, separate trusts preserve the surviving spouses ability to amend or revoke assets held within their own trust, while ensuring that the deceased spouses trust cannot be amended after death.

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