What is a joint trust?

A joint trust is an estate planning tool used in Elder Law in Kansas to provide protection to a surviving spouse. It is a type of trust agreement between two people who are married, usually intended to protect the financial rights of the surviving spouse. The property owned by the trust is shared between both parties and it is managed by trustees. This type of trust typically is created upon the death of one spouse, with the surviving spouse taking ownership of the trust. The trust can provide both spouses with access to funds for living expenses and protect the assets for the survivor after death, with the remainder of the asset going to the designated beneficiary. In some cases, the trust may also be used to purchase real estate, investments, and other property. The joint trust also allows the surviving spouse to retain control over the assets during their life and pass them on to designated beneficiaries after death. This type of trust provides elderly couples with an estate planning solution that is tailored to their needs and allows them to protect their financial interests for future generations.

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