A Joint Living Trust is simply a Living Trust with another person. For example, spouses may decide to create one Joint Living Trust instead of two separate Living Trusts. It offers the simplicity of just one document, and other advantages like increased privacy, reduced probate costs, and easier asset management. However, unlike the situation where spouses each have their own Wills or separate Living Trusts, a Joint Living Trust offers less flexibility to the surviving spouse after the death of the first spouse to change the terms of the trust in response to changing circumstances.
Typically, the Joint Living Trust provides for both spouses, who are the Co-Grantors, and serve as the initial Co-Trustees. They serve for such time as they are able and willing to manage the assets of the Trust during their joint lifetime. After the death, "disability" or voluntary resignation of one spouse, the other spouse can continue as Trustee. When neither Grantor serves as Trustee, a successor Trustee (who is also named in the Joint Living Trust document) takes over the management of the Trust.
This article contains general legal information and does not contain legal advice. Rocket Lawyer is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.
