A common question for married couples about estate plans is whether they should have one Revocable Living Trust for both of them or one for each of them. The answer to the question depends on the couple’s situation and who they want to have as the beneficiaries of the Revocable Living Trust.
In a first marriage where the couple agrees about who to leave assets to and in what proportion to leave them, most couples choose to have one Revocable Living Trust. There is not a need to have more than one when the both people want to accomplish the same goals with the Trust. However, when the couple met later in life and have had children from previous relationships, things can get more complicated. Both spouses might want to create a separate Trust so that they can each leave assets to children they had before the marriage while still providing for each other. Even in these cases, two Trusts are not always necessary and a Trust might not even be the best option. Other estate planning methods, such as Family Limited Partnerships, might work better for some situations.
Every couple is different. Talk to an estate planning attorney about how your unique situation should be handled in an estate plan.
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