Joint Irrevocable Living Trust

The Joint Irrevocable Living Trust is used by married couples to hold their assets.

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Spouses 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.

What Is a Joint Irrevocable Living Trust?

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.

Other Names for Joint Irrevocable Living Trust

Depending on your state, a Joint Irrevocable Living Trust may also be known as:

  • Inter Vivos Trust

  • Joint Living Trust

Who Needs a Joint Irrevocable 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.

Why Use 360 Legal Forms for Your Joint Irrevocable Living Trust

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How to Create a Joint Irrevocable Living Trust with 360 Legal Forms

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.

What Information Will I Need to Create My Joint Irrevocable Living Trust?

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.

Joint Irrevocable Living Trust Terms

  • 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.

Joint Irrevocable Living Trust Signing Requirements

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.

What to Do with Your Joint Irrevocable Living Trust

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.

Frequently Asked Questions

The main difference has to do with how the assets are to be moved. With the Joint Revocable Living Trust, the trustees are free to remove and deposit new assets at any time. In contrast, the assets held in a Joint Irrevocable Living Trust are locked. Also, the Joint Revocable Trust is subject to estate taxes but not the Irrevocable sort.

The Living Will is more about your instructions as to what medical procedures to have or not have in the event of your incapacitation. The Living Trust has to do with your assets and ownership interests and what happens to them after your death.

A major advantage of the Joint Living Trust is easier management. For the duration of the couple's lifetime, they would both have equal control of the trust. It is also a better option if the couple has children.

In the unlikely event that you neglected the transfer of the assets, your heirs or the beneficiaries of the trust will have to go through probate. Only then will the designated trustee be able to transfer the assets to the trust.

It can be anything but most commonly valuable possessions. It can include vehicles, savings, stocks and bonds, and other investment assets. Expensive jewelry, valuable art or furniture, antiques, family heirlooms, and copyright interests can also go into a Joint Living Trust.

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Applicable to all 50 states
Applicable to all 50 states

Our documents are vetted by lawyers and are applicable to all 50 states.