A joint revocable living trust is one trust for a married couple that each has their own trust shares. It is a contract between your Grantors and the Trustees –you and your spouse. The trust specifies how you want your assets managed during your lifetime and death. The trust acts as a will substitute as well as a disability planning tool. If you or your spouse becomes incompetent, your co-Trustee or Successor Trustee takes over the management of your Trust and trust assets. A joint revocable living trust is also designed to remove/reduce estate taxes at the deaths of the husband and wife.
Provisions may also be included to permit assets to remain in trust upon the death of both spouses to preserve the assets for minor children, grandchildren, or other beneficiaries in their lifetime or beyond. For example, they a husband and wife may want to secure their assets after death for unborn grandchildren. This is known as a “dynasty trust”.
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