Consider Creating a Joint Living Trust
As you have probably already realized, getting married changes many areas of your life. One of the exciting opportunities that marriage offers is the ability to create a joint living trust with your loved one. An attorney, like a estate attorney Cherry Hill, NJ relies on, can assist the both of you in creating a joint living trust that will benefit your children and other family members. It can offer you and your spouse the peace of mind knowing that your legacy will continue and take care of those you love. We encourage you and your spouse to meet with a living trust lawyer from our firm who can tell you more about how we can help you. We offer a free consultation so call us today.
What is a joint living trust?
A joint living trust is one of several forms of living trusts. It’s an estate planning tool that specifies how the couple’s assets should be distributed when one or both pass away. It has advantages over a will, though it can be used in conjunction with a will. Though each spouse can choose to have their own, individual trust, some find it makes more sense to create a joint living trust. When you meet with a living trust lawyer, your individual circumstances can be considered in order to determine what might best meet your needs. Any trust you decide to create will offer more privacy and less taxes for your heirs.
The Advantages of Creating a Joint Living Trust
A joint living trust may be ideal for you and your new spouse if any of the following appeal to you:
- You are married and prefer to have a single joint living trust that will control all of your combined and individual assets. This also eliminates the need to assign and separate assets into individual living trusts.
- You want to avoid the probate process when one of you passes away, and for your heirs to avoid it if both of you pass away at the same time.
- You prefer that your heirs pay little to no estate taxes on the assets they will inherit.
- You wish to designate individuals or organizations as heirs.
- You would like to specify who should carry out your final wishes.
- You feel it’s important to clarify how your assets should be handled should you become incapacitated.
When you meet with a trust lawyer, you can learn more about additional options that may benefit you among the choices for estate planning tools. As well, you may want to consider who should be the trustee of your joint living trust lawyer, and who should be the backup trustee.
Get a Free Consultation with an Experienced Trust Lawyer
A skilled lawyer offers a free consultation to those who are thinking about creating a living trust or other estate planning tool. Call us today to schedule a meeting with an experienced trust lawyer who can provide you with the information you need to make informed decisions.
Thanks to our friends and contributors from Klenk Law for their insight into estate planning.