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Married people often want to arrange their estate so that their surviving loved ones avoid the court and attorney involved probate proceedings. So these married couples often look into establishing a probate-avoidance revocable living trust since assets titled in the trust are not required to go through the court-supervised probate.
Married couples often inquire whether it would be better for the married couple to establish one joint revocable living trust, or whether it would be better for each spouse to establish their own living trust.
While joint trusts are more common, particularly in community property states, separate trusts for each spouse have their place. For example, some couples who get married later in life having had children from a previous relationship, often establish a prenuptial agreement with the goal of keeping all assets separate. The spouses often have different heirs, different distribution schedules, and different successor trustees. Having separate trusts may make more sense in these circumstances.
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This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.
Paul Rabalais
Estate Planning Attorney
