What is a joint trust?

A joint trust is a type of legal document used in elder law in Delaware. A joint trust is a trust agreement between two people that allows them to set aside funds or property in one account for the benefit of the other person. The trust agreement usually gives both individuals control over the account, allowing them to make decisions about how the funds or property are used. The trust also ensures that the assets will be distributed in accordance with the wishes of both parties once one of them passes away. In Delaware, joint trusts are often used when elderly individuals want to provide for their heirs without going through the process of creating a will. By setting up a joint trust, both parties can minimize disputes that might arise from their wills and the assets involved. Joint trusts may also provide tax benefits, since the funds and property are transferable between the two individuals without having to go through probate. In addition, joint trusts can also grant both parties access to the funds during their lifetime. This allows the two individuals to use the assets in the trust for whatever they deem necessary, such as paying medical bills or providing care for the other person. This type of trust also helps prevent disputes and confusion that may arise when the other individual passes away, since the trust agreement provides clear instructions regarding the distribution of the funds.

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What is a joint trust?

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