Joint Revocable Living Trusts­­—Watch Out!

We continue to meet with clients to review estate plans that include a “joint revocable living trust.” Joint revocable living trusts are very troubling, and it is our strong recommendation that married couples create separate revocable living trusts.

Generally speaking, a revocable living trust is a “will-substitute.” It directs distribution of assets and management of the estate at time of death. The huge advantage of using a revocable living trust instead of a will is that probate can be avoided. Thus frustration, delays, and significant expenses can also be avoided.