Joint Trusts

How does a joint trust work for couples, and what are its benefits?

A joint trust allows couples, often married, to combine their assets into one trust during their lifetimes. This can streamline asset management and potentially simplify the transfer of assets upon the passing of the first spouse, reducing the need for probate proceedings. Joint trusts provide mutual control over the assets and can continue to provide for the surviving spouse while setting specific terms for distribution to heirs. They are often preferred for their simplicity and efficiency compared to individual trusts for each partner, particularly in community property states.