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Joint Living Trust

A Joint Living Trust is a legal document that allows a married couple to manage their assets together during their lifetimes and distribute them to their heirs after their deaths.

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Service Description

A Joint Living Trust, also known as a Living Trust or a Revocable Trust, is a legal document that is created by two individuals (usually spouses) to manage and distribute their assets during their lifetime and after their death. It is an alternative to a Last Will and Testament, and it allows the individuals to have greater control and flexibility over their assets, as well as avoid probate.

The Joint Living Trust is created by the grantors, who are the individuals creating the trust. The grantors transfer their assets into the trust and name themselves as the initial trustees. They also name successor trustees who will take over the management of the trust in the event of their incapacity or death.

The Joint Living Trust can be revocable or irrevocable. A revocable trust can be changed or revoked by the grantors at any time during their lifetime. An irrevocable trust, on the other hand, cannot be changed or revoked once it is created.

One of the main advantages of a Joint Living Trust is that it allows the individuals to avoid probate. Probate is a legal process that takes place after someone dies and involves the court overseeing the distribution of the person’s assets. It can be time-consuming, expensive, and public. By using a Living Trust, the assets can be distributed privately and without court involvement.

Another advantage of a Joint Living Trust is that it provides for incapacity planning. If one of the grantors becomes incapacitated, the successor trustee can take over the management of the trust and ensure that the person’s assets are used for their benefit.

In addition, a Joint Living Trust can provide for tax planning. Assets held in the trust can be structured in a way that minimizes estate taxes.

It is important to note that a Joint Living Trust does not provide asset protection. Creditors can still go after the assets in the trust, and the trust does not protect against lawsuits.

Overall, a Joint Living Trust can provide many benefits, including avoiding probate, incapacity planning, and tax planning. It is important to consult with an attorney to determine if a Living Trust is right for your individual situation.

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