There has been recent discussion between Michigan estate planning lawyers on whether married couples should generally have a revocable living trust for each spouse, or one joint revocable living trust.
Unless there is a good reason to have separate trusts, such as for federal tax purposes or second marriages, we as Michigan estate planning lawyers, typically will execute a single joint living trust with our clients. The reason for this is to make the funding process more easier.
Funding a trust is vitally important. If there were two trusts to fund, then the married couple would have split their assets and try to equally fund each of the trusts. On the other hand, with joint trust in Michigan, clients only need to fund all of their assets that they are putting into trust into the one joint revocable living trust that both clients share.
In summary, it is a much easier process with little downside if the factors are right. Deciding if the factors are right takes the legal knowledge of an estate planning lawyer.
Unless there is a good reason to have separate trusts, such as for federal tax purposes or second marriages, we as Michigan estate planning lawyers, typically will execute a single joint living trust with our clients. The reason for this is to make the funding process more easier.
Funding a trust is vitally important. If there were two trusts to fund, then the married couple would have split their assets and try to equally fund each of the trusts. On the other hand, with joint trust in Michigan, clients only need to fund all of their assets that they are putting into trust into the one joint revocable living trust that both clients share.
In summary, it is a much easier process with little downside if the factors are right. Deciding if the factors are right takes the legal knowledge of an estate planning lawyer.
