What Is A Joint Trust And Can I Establish One?

 

 

 

Video Summary


What is a joint trust and can I establish one?  A joint trust is whenever usually husband and wife sign a trust agreement.  Thereby you've gotta have two people, of course, to have a joint trust, particularly whenever they own all their assets jointly, and it's not – you just need to contact an attorney to be able to establish a joint trust.

 

If the purpose of the joint trust is to avoid probate, you can do that through titling your assets as husband and wife and that way you avoid probate when the first one passes away.  If the purpose of the joint trust is to establish a... who you want to receive the asset when both the husband and the wife passes away, that is very, very remote on a simultaneous death, and I really don't recommend it on that basis.

 

Also if you do set up a joint trust, do not put your homestead property into a joint trust.  There's all sorts of problems that are associated with that.  Also joint trust destroy what they call tenancy body entirety is to give you a certain amount of protection from creditors if there is a judgment against either husband or wife under Florida law.  So I am not a big fan or I don't usually recommend folks to set up joint trust.  I think you can title your assets so that they can go to the survivor rather than having a joint trust.  If you don't want your assets to go to your spouse, you have a prenuptial agreement; you have a second marriage or something like that; then I suggest you have separate trust, one for the husband and one for the wife as far as that's concerned.  And again, not putting the homestead property in either trust.

 

 

So if you have any questions about establishing a trust, joint or otherwise, give me a call at (727) 847-2288.  Thank you.