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Establishing a joint revocable trust can be an ideal estate planning tool for the benefit of your children, your grandchildren and beyond. Married couples have the possibility of establishing a ...
However, a growing trend for husbands and wives is to create "joint trusts" where both are "grantors" of the trust, thus mirroring the familiar concept of joint tenancy ownership. [15] For a revocable trust, the grantor retains the power to direct transactions for the trust, even if a third party serves as the trustee. [16]
For example, in a living trust it is common for the grantor to be both a trustee and a lifetime beneficiary while naming other contingent beneficiaries. [4] Trusts have existed since Roman times and become one of the most important innovations in property law. [5] Specific aspects of trust law vary in different jurisdictions.
However, a revocable trust can provide language to create sub-trusts upon the death of a grantor (e.g. credit shelter or other irrevocable trusts) that can preserve or reduce future estate tax ...
A revocable trust also allows you the freedom to change your mind about the trustees and beneficiaries. If family relationships, friendships, or business relationships change over time, you might ...
Estate planning may involve a will, trusts, beneficiary designations, powers of appointment, property ownership (for example, joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gifts, and powers of attorney (specifically a durable financial power of attorney and a durable medical power of attorney).
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