Spouses and couples use a Joint Irrevocable Living Trust to ensure their assets are safely managed and then transferred to their beneficiary after their death. Their joint assets are locked in the trust and can't be removed from it.
That's just one of the aspects of the Joint Irrevocable Living Trust. As with any trust, the grantors designate the trustees and beneficiaries and clarify the trust's terms.
Estate planning makes the transition to old age a little easier. When it's time to think about your assets, you and your partner might consider a Joint Irrevocable Living Trust.
One of the benefits is there's no court involvement, and it eliminates any privacy concerns. Another issue that a Joint Irrevocable Living Trust resolves among spouses is the shared possessions. The Joint Irrevocable Trust is the owner of all the assets. The Joint Trust also ensures that one doesn't have to worry about the transfer of assets after the other spouse's death. Even the administration fees are significantly lower.
Depending on your state, a Joint Irrevocable Living Trust may also be known as:
Inter Vivos Trust
Joint Living Trust
The Joint Irrevocable Living Trust is for any couple who wants to take care of their assets promptly. With this document, there are particular prerequisites.
First, the couple needs to be prepared to identify all of their assets and be reasonably sure they won't be getting a divorce soon. The couple shouldn't have any creditor claims or other debts. Finally, each spouse must be comfortable with the idea of transferring all the assets to the other if they are the first to pass away.
Create your own documents by answering our easy-to-understand questionnaires to get exactly what you need out of your Joint Irrevocable Living Trust.
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All you have to do is fill out a simple questionnaire, print, and sign. No printer? No worries. You and other parties can even sign online.
There's a lot that goes into setting up a Joint Irrevocable Living Trust. You can rely on 360 Legal Forms to ensure that you have the document you need to protect your assets and your family.
Let 360 Legal Forms help with our extensive library of attorney-vetted legal forms. The process is fast and easy. All you have to do is fill out our easy-to-understand questionnaire. Once complete, simply download your form as a PDF or Word document from your secure online account.
To create your document, please provide:
Grantors' information: Legal names and addresses of the couple making the trust.
Trustees' information: Legal names and addresses of the designated trustees (even if they're the same as the grantors.)
Beneficiaries' information: A list of all the designated beneficiaries and their information.
Name of the trust: If needed, the name of the trust (e.g., John Smith and Jane Smith's Joint Irrevocable Trust.)
Terms of the trust: Terms under which the trust is administered for the grantors' life and what happens after the grantors' death.
Property division: Details on how the property should be divided among the beneficiaries.
Insurance policy information: Insurance policies and retirement plans, if any.
Signatures: Both grantors must sign the document.
Grantor: An individual transferring assets into the living trust.
Trustee: An individual going to administer the trust.
Beneficiary: A person receiving the assets and distributed income.
Fiduciary duty: Where one party is to act in the best interests of another.
Estate: An individual's possessions and assets.
Probate: This is a legal process to review and carry out a will, including the estate distribution, if there is no will.
Both spouses need to sign the document at the same time and then have it notarized. This will ensure the trust is valid and legally enforceable.
After notarization, the transfer of assets into the trust is carried out, and you need to ensure the designated trustee is fairly compensated. There is no need to record the Joint Irrevocable Living Trust with the local authorities in most states.
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