What is required to make a joint revocable living trust legal?

Trust law is state specific, so the formalities to create a valid joint revocable living trust may vary from state to state. In every jurisdiction, the person(s) creating the trust (the “grantor”) must be at least 18 years old and must have the mental capacity to understand their actions at the time the trust agreement is signed. Some states require that the grantors' signature be witnessed and/or notarized when the document is signed.

If I have a trust, do I still need a will?

Yes, you still need a last will and testament. If you create a joint revocable living trust, then each grantor still needs a separate will. Even though a revocable living trust is an important estate planning document, it does not replace a will. Firstly, a living trust will never include all the property you own. In the event of your death, you will need a way to transfer any assets not placed into the living trust to your desired beneficiaries. This is accomplished by using a special type of will called a pour-over will. Secondly, if you have children or other dependents, a living trust does not enable you to name guardians. Lastly, in a will you also have the opportunity to express your burial wishes.

Who can be a beneficiary of a joint revocable living trust?

Any natural person and any organization can be named as a trust beneficiary. In the case of a beneficiary who is a minor, the trust can include provisions designed to govern distributions and provide some structure and control over the assets until the minor beneficiary reaches a pre-determined age (or ages). In most states, it is not legal to name a pet as a beneficiary in a joint revocable living trust.

I am married. Should I establish a joint revocable living trust with my spouse, or should we each have our own individual revocable living trusts?

Unlike a last will and testament, which is specific to individual people, you can create either separate revocable living trusts or a joint revocable living trust with someone else. If most of the assets that you will be using to fund the trust are owned jointly with another person and if your distribution wishes are the same, then regardless of who dies first, using a joint revocable living trust may make the most sense. With a joint revocable living trust, both parties normally serve as grantors and as co-trustees.

What does it mean to “fund” a joint revocable living trust?

Establishing a joint revocable living trust is just the first step in creating your trust. In order to make your new trust legal, you will need to put assets into it. This process is referred to as “funding” the trust. You can put a wide variety of assets into a trust. The following assets are some of the most commonly used to fund a trust: Real estate – You can transfer real estate to a trust through a quit claim deed, warranty deed, or transfer on death deed (if available in your state). Bank accounts – Your checking and savings accounts can be retitled into the name of your new trust. Stocks and bonds – By contacting the transfer agent or your investment professional, you can retitle your non-retirement investments so that your trust is the nominal owner. Tangible personal property – You can retitle motor vehicles, boats, and other items of tangible personal property so that the trust owns them. Beneficiary changes – You can also make the trust the beneficiary of your retirement accounts and life insurance, so that assets pass according to the terms defined in the trust agreement. Other assets that can be placed into or directed toward a revocable living trust include contracts for deed or mortgages where someone else is paying you. An “assignment of interest” can also be used to transfer household goods and other assets into your new trust.

Joint Revocable Living Trust

A joint revocable living trust is used by spouses or unmarried individuals to jointly secure their assets during their lifetimes and efficiently transfer those assets upon death.

Our intuitive joint revocable living trust form builder guides you through each step of the process, making it easy to understand and giving you a powerful estate planning document you can rely on.

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Our joint revocable living trust

Helps avoid probate court and save money
Ensures your assets are distributed quickly
Ensures that you retain control over trust assets during your lifetime
Can be easily revoked or amended at any time
Is compliant throughout all states and the District of Columbia

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Simplify your estate planning

Streamline the process of transferring your most valuable property with a joint revocable living trust.

Pay Less in Probate Fees

Save up to 15-20% of the value of the trust in probate fees while ensuring that your assets will be distributed to your beneficiaries.

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Avoid Probate Court

One huge advantage of this document is that the assets in the trust will avoid probate court upon the death of its creator.

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How to create a joint revocable living trust in 3 steps

Gather Information

Begin by adding the relevant information for each Grantor, such as name and address. Grantors are the people creating, funding, and signing the joint revocable living trust.

Describe the Assets

Enter the name, description, and value of each asset that will be added to the trust. It is very important to provide a description that specifically identifies the asset in order to avoid unwanted confusion.

Review and Notarize

After completing your joint revocable living trust, be sure to review it thoroughly to ensure that it meets your needs. Be sure to sign your trust in front of a notary public.

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