Estate Planning: Joint Revocable Trusts

Trusts can form an essential part of estate planning. Not only do they provide privacy, but they also set parameters for how and when your assets will be used and distributed. Unfortunately, with so many different types of trusts, it can get confusing.

If you’re a married couple desiring to integrate a trust into your estate plan, consider adding a joint revocable trust. A joint revocable trust is a single trust document that covers two married people who have either joint or individual property. This type of trust helps to simplify the administration of assets upon death or incapacity.

How Does a Joint Revocable Trust Operate?

While both spouses are alive, they both have complete access to the trust assets and can change the trust at any time. If one spouse becomes incapacitated or dies, the other spouse continues to have control over the trust assets.

Upon the death of the surviving spouse, the trust becomes irrevocable. At that point, the designated successor trustee then takes control of the trust and distributes the remaining assets as directed in the trust document.

What are the Advantages of a Joint Revocable Trust?

A joint revocable trust offers several advantages such as the following:

  • Easier to maintain In a joint revocable trust, the couple does not have to worry about having two separate trusts. Ownership is split evenly between each person.
  • Avoids court Throughout this entire process, the court is not involved. This minimizes time and costs.
  • Promotes PrivacyRevocable trusts such as joint revocable trusts are not placed in the public record therefore specific details about your family’s finances and the location of your assets remain private and confidential.

Consulting a Knowledgeable California Estate Planning Attorney

With the right circumstances, a joint revocable trust can be an effective estate planning tool for a married couple. It can simplify a couple’s affairs before and after death as well as provide privacy.

If you and your spouse are interested in establishing a joint trust, it’s imperative to have a knowledgeable attorney on your side to guide you through the process. Attorneys Christopher Botti and Paul Morison provide compassionate counsel and legal representation for a wide variety of trusts and estate matters. They have over 90 years of combined experience in estate planning. Attorney Botti is also a Board-Certified Specialist in Estate Planning, Trust, and Probate Law.

Schedule your first consultation today by calling Botti & Morison Estate Planning Attorneys, Ltd. at (877) 585-1885. Botti & Morison Estate Planning Attorneys, Ltd. will give you the personal service you deserve.

We happily serve clients in California including Ventura County, San Luis Obispo County, Santa Barbara County, Los Angeles County, and Kern County.