When to use Joint Living Trust
The process of estate planning is commonly misperceived as only addressing the management of one’s estate after death. In reality, estate planning is a dynamic process that addresses a myriad of financial, property-related and medical care issues that affect individuals in life, as well as those issues that individuals leave behind for their loved ones to manage after they have passed away. For example, setting up a living trust is a process that individuals benefit from during their lifetimes. Only testamentary trusts are set up to go into effect after someone has passed away. Living trusts can be used for a number of financial purposes, including tax benefits, providing financial support for a loved one subject to conditions of the trust creator’s choosing and general financial management. These financial and legal tools may also be helpful for ensuring that a dependent adult, a special needs child, an elderly parent or other vulnerable person has adequate oversight over his or her financial resources.
If you and your spouse are interested in passing along property to another during your lifetime, benefiting from a financial tool that features tax benefits, providing financially for someone else subject to conditions of your choosing or setting up a property management resource that easily bypasses the probate process after you are gone, you can use this template to begin the process of creating a joint living trust. Once you and your spouse determine which assets, property or income you want to transfer to your joint living trust and who you would like to serve as the trustee of your new trust, you can work through the steps listed on this form in an effort to begin creating the trust itself.
Joint Inter Vivos Trust
Revocable Joint Living Trust