[header] How to make a living trust [title] Determine what type of trust you want to create. [step] If you are married, you should decide whether you want to create an individual or joint trust. [substeps] An individual trust includes only your property, while a joint or shared trust includes all property that belongs to you and your spouse.
[header] How to make a living trust [title] Determine what type of trust you want to create. [step] If you are married, you should decide whether you want to create an individual or joint trust. [substeps] An individual trust includes only your property, while a joint or shared trust includes all property that belongs to you and your spouse.
If you are married, there will be no division of property. The goal of the trust is to create a relationship between you and your spouse and facilitate a marriage that can last for all living members. A shared trust is set up by you and can continue indefinitely. [title] Determine whether you will seek the power of attorney (h&r), which is a requirement of your state. A joint trust serves only the purpose of ensuring that your wife transfers property to you and your children. In a joint trust, both spouses transfer property to you and your children. While you and your spouse can create two individual trusts, this can cause complications with shared assets. A joint trust, however, can dispose of both individual and shared property.