Separate trusts for married couples are not always necessary. But sometimes, in the event of second (plus) marriages, differing beneficiaries, significant separate property, or for privacy and ease…
When are two living trusts better than one?Just thought I’d get that joke out of the way before the comments arise.
Typically, in a joint trust, the surviving spouse becomes the sole trustee and carries out the terms of the trust. A “contingent beneficiary” is anyone named in the trust document who may receive assets or an income stream when the surviving spouse dies.When one or both spouses have significant separate property, the joint trust may not function well. This is particularly true if a spouse intends for their separate property to benefit primarily or exclusively their children or other beneficiaries instead of their spouse.
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