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(FOR USE IN ALL 50 STATES)
Nature of a Revocable Trust. The primary purpose of this document is avoid the time and expense of openning a probate estate at the death of the second spouse and, secondarily, to provide an orderly mechanism for the designated successor trustees to take control of trust assets should the original grantors become mentally or physically incapacitated to such an extent that they can no longer manager their own assets. Some trusts contain estate planning features designed to reduce estate taxes. Our trust forms are NOT designed to accomplish this purpose. Click here for a more detailed description of the purpose of this legal form.
What is a "joint husband-wife revocable trust"? A "revocable trust" is one that can be altered, amended, or revoked by the trust grantors at any time by to death or mental incapacitation. A "joint husband-wife" revocable trust is a trust created jointly by a husband and wife. It is not designed for a single individual. The initial trustees, under our template, are the grantors (i.e., the husband and wife that set up the trust).
How does the does the trust operate after the death of the first spouse? The surviving spouse remains as trutee either individual or with a co-trustee you name. The trustees are directed to pay all expenses and debts of the deceased spouse and distribution of the deceased spouse's personal effects is made as directed in the last will of that spouse. Thereafter, the surviving spouse may receive so much or all of the trust property as he or she shall request. Should the surviving spouse become incapacitated,
What documents come with package? For $16.99, you receive the Joint Husband-Wife Revocable Trust Agreement, pourover last will for the husband, and pourover last will for the wife (i.e., 3 documents in all).
Why create a Last Will with the revocable trust if the revocable trust is meant to perform functions of a Last Will? First, there are a few functions for which a Last Will is necessary: i.e., making known your wishes regarding burial and the nomination of guardians for minor children. Secondly, a revocable trust can only pass assets which are placed into it. This means that one has to properly transfer to the trust all assets he or she wishes to be controlled by the trust. It is not uncommon for an individual to establish a trust and then fail to properly transfer all of his or her assets into said trust. In such cases, the Last Will acts as a backstop to handle transfer of assets of the deceased not properly placed into the trust.
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The following options are given to you while creating your Revocable Trust Agreement with Pour-over Last Will through our copyrighted, online questionnaire process:
- The initial co-trustees are the husband and wife who create the trust. You may name successor trustees of your trust and the personal representative of your probate estate (should it be necessary to open one),
- Decide whether successor trustees shall serve individually or with a co-trustee,
- Indicate your wishes regarding method of burial such as whether our not cremation is desired,
- Name up to 7 charitable gifts to be made at your death out of your trust,
- Several options for directing disposition of your personal effects,
- Direct specific bequests to heirs,
- Several options for directing disposition of the residuary of your estate,
- Nominate guardians for your minor children should you die the sole parent,
- Direct that all bequests to beneficiaries under an age you specify (such as 25 years of age) are to be held in trust until each beneficiary reaches the the designated age,
- Direct that bequests to one specific beneficiary (such as the family black sheep) be held in trust for a longer period than the others or for this person's entire life with spendthrift provisions to prevent dissipation of the inheritance,
- Allow for independent administration of your estate (if allowed under laws of your state),
- Allow trustees and personal representative to serve without a bond (if allowed under laws of your state).
General Instructions For Completion of All Forms
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DISCLAIMER
The above is provided for informational purposes only and is NOT to be relied upon as legal advice. This service is not a substitute for the advice of an attorney and we encourage users to have all documents created on our site reviewed by an attorney. No attorney-client relationship is established by use of our online legal forms system and the user is not to rely upon any information found anywhere on our site. THESE FORMS ARE SOLD ON AN "AS IS" BASIS WITH NO WARRANTIES OR GUARANTIES. If you wish personal assistance in deciding whether the document found on our site is right for you or desire representations and warranties upon the legality of the document you are purchasing in the jurisdiction you will be using it, contact an attorney licensed to practice law in your state.
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