Can I set up a trust without my spouse?
Yes you can set up a trust independent of your husband. You could fund the trust with your personal property now and/or designate any community property that is yours at the time of your death to pour over into the trust.
Do I need a trust if only one of couple dies?
Generally, if one spouse dies, the trust doesn’t require any further action from the surviving spouse. However, all trust terms are different, and it is important to follow the terms set forth in the specific trust.
How do I protect my trust in a divorce?
If you are already married, you can still protect assets from divorce with a trust. One of the most secure ways to do so is with a Domestic Asset Protection Trust (DAPT). A DAPT is an irrevocable trust, meaning that once you create the trust and fund it, you can no longer terminate the trust and reclaim the assets.
Can a revocable living trust be used in New York?
A revocable living trust (sometimes known as an inter vivos trust) provides many advantages that may make it a desirable part of your estate planning process. A living trust in New York allows you to place your asset into a trust but still use them during your lifetime.
What happens to a joint revocable trust when a spouse dies?
What happens in this type of trust is that the trust is a joint revocable trust when both spouses are alive. When one of the spouses dies, the trust will then split into two trusts automatically. Each trust will have half the assets of the trust along with the separate property of the spouse. The surviving spouse is the trustee over both trusts.
Can a revocable trust be considered an irrevocable trust?
These clauses and/or terms are very carefully drafted because if too broad, the trust will be considered a Revocable Trust and not an Irrevocable Trust. This could be a disaster for a Medicaid Estate Plan, since Revocable Trusts do not protect assets with government benefit purposes.
When do you need A Revocable Trust for kids?
If one spouse has kids from a previous marriage and would like to leave them an inheritance either at their death or the death of their surviving spouse, different revocable trusts keeps the distribution of your assets transparent and controllable. Should I Put My House in a Living Trust? Do I Need a Trust If I Have a Will?
A revocable living trust (sometimes known as an inter vivos trust) provides many advantages that may make it a desirable part of your estate planning process. A living trust in New York allows you to place your asset into a trust but still use them during your lifetime.
Can a living trust in New York Bypass probate?
A living trust New York allows you to completely bypass probate for the assets that are in the trust (this is why you want to place as many assets into it as possible). Probate is the court procedure in which a will is approved and put into force.
If one spouse has kids from a previous marriage and would like to leave them an inheritance either at their death or the death of their surviving spouse, different revocable trusts keeps the distribution of your assets transparent and controllable. Should I Put My House in a Living Trust? Do I Need a Trust If I Have a Will?
Which is better a joint or separate revocable trust?
Separate Revocable Living Trusts for Married Couples 1 Asset protection. In some cases, and depending on state law, separate trusts may offer better protection from creditors than a joint revocable trust. 2 Ease of administration. 3 Estate tax benefits. 4 Couples with different beneficiaries. 5 Important notes and final thoughts.