We are a married couple working on a trust. Do we make one as a couple, or as two individuals?
4 Answers from Attorneys
Depends on the nature and extent of your estate assets and type. Suggest you seek the services of an estate planning lawyer to advise you and guide you.
Probably one, depending. This is an area of the law that is not do it yourself. Let me know if you want a referal to an attorney that does this. SelikLaw @ aol.com
The vast majority of such trusts are done as a single trust. There are instances where two trusts are preferable for a number of planning reasons. These include asset protection, tax planning, protection of children from prior marriages and potential divorce planning. You would be well served to meet with an estate planning attorney to get an effective education about the use of a living trust and your estate planning. Fixing a mistake after death or incapacity is extremely expensive. We do both, of course, and it is far better to pay for the time to assure that things are done right.
Meaning no disrespect, but if you don't know the answer to that basic question, you should not be trying do it yourself trust preparation. They must be thoroughly and explicitly worded for the purpose necessary in your unique situation. You should let an experienced pro do this for you to ensure you don't find any fatal mistakes after it is too late to correct. If serious about getting counsel to do this, feel free to contact me.