Joint Revocable Living Trust

A Joint Revocable Living Trust is one that a person creates with his or her spouse or partner to combine their assets for joint management.

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Instead of creating two separate living trusts, couples can choose to make a Joint Living Trust. It can either be revocable or irrevocable.

There are many advantages to putting your joint assets into a living trust. They include more privacy, more flexibility in asset management, and reduced probate expenses.

What Is a Joint Revocable Living Trust?

With a Joint Revocable Living Trust, couples can transfer their assets to their beneficiaries with relative ease. Your assets are placed into the trust but can be added and removed as you desire.

However, since the assets are not locked as they would be in an irrevocable trust, estate taxes will still apply. Even though you and your spouse's assets are in a trust, you're still technically considered the owners. This is not the case with an irrevocable trust, where the grantors can also be the trustees of the trust, in which case they do not have to be compensated.

Other Names for Joint Revocable Living Trust

Depending on your state, a Joint Revocable Living Trust may also be known as:

• Inter Vivos Trust

Who Needs a Joint Revocable Living Trust

Both married and unmarried couples can create a Joint Revocable Living Trust. In any event, both individuals should state in the document whether they live together or separately. They also get to designate a trustee for the assets. Often, the grantor is also the trustee, but they can appoint alternative trustees if they become incapacitated.

Why Use Swyftfilings for Your Joint Revocable Living Trust

Customized for you, by you

Create your own documents by answering our easy-to-understand questionnaires to get exactly what you need out of your Joint Revocable Living Trust.

Specific to Your Jurisdiction

Laws vary by location. Each document on Swyftfilings is customized for your state.

How to Create a Joint Revocable Living Trust with Swyftfilings

Before creating a Joint Revocable Living Trust, you must decide on your asset management. With the details in hand, you can trust Swyftfilings to create a document complying with federal and local statutes.

Let Swyftfilings help with our extensive library of attorney-vetted legal forms. The process is fast and easy. All you have to do is fill out our easy-to-understand questionnaire. Once complete, simply download your form as a PDF or Word document from your secure online account.

What Information Will I Need to Create My Joint Revocable Living Trust?

To create your document, please provide:

• Grantors' information: Legal names and addresses of the trust and marital status of the two creators.

• Trustees' information: Legal names and addresses of the designated trustees.

• Beneficiaries' information: Legal names and addresses of all the beneficiaries of the living trust.

• Name of the trust: Give the trust a name, which can be as straightforward as both the grantors' names.

• Terms of the trust: Describe how the trust is to be administered in the grantors' lifetime and if one or both pass away.

• Property division: Instructions on how the assets are to be divided among the beneficiaries.

• Insurance policy information: Any insurance policies and retirement plans to be included.

• Signatures: Both grantors must sign the document for it to be valid.

Joint Revocable Living Trust Terms

• Grantor: A person who creates the living trust.

• Trustee: A person who manages the living trust.

• Beneficiary: A person who receives the assets and any income distributions.

• Fiduciary duty: Where one person is to act in the best interests of another.

• Estate: A person's possessions and assets.

• Probate: This is a legal process to review and carry out a will, including the estate distribution, if there is no will.

Joint Revocable Living Trust Signing Requirements

An essential part before signing is to review the Joint Revocable Living Trust document with care. You and your partner must sign the document simultaneously and have it witnessed by a notary public.

What to Do with Your Joint Revocable Living Trust

After you get the document notarized, you can complete all the accompanying paperwork to transfer the assets to the trust. You might also need a Certificate of Trust, which is to be signed by the trustee and establishes their authority. In most states, you're not required to register the trust with the court or county recorder, making it non-public information.

Depending on your state, a Joint Revocable Living Trust may also be known as:

If you need to formalize agreements and ensure legal compliance, this document is an essential tool.

Create your own documents by answering our easy-to-understand questionnaires to get exactly what you need out of your Joint Revocable Living Trust.

Laws vary by location. Each document on Swyft Forms is customized for your state.