What is a joint trust?

A joint trust is a type of trust created between two or more people, usually a married couple, in North Carolina that is used for estate planning. This type of trust allows for the joint management of assets, which can help ensure proper financial decisions are made in the event of the death or incapacitation of an individual. The joint trust creates a fiduciary relationship between the two parties where one serves as the trustee (the person who manages the trust) and the other serves as the beneficiary (the person who benefits from the trust). The trust generally stipulates that the assets of the deceased or incapacitated partner go to the beneficiary. The beneficiary can use the money for whatever they choose, usually to provide financial security for their family or support for their lifestyle. The joint trust can work both ways, too. The trustee can also benefit from the trust as they can receive monthly payments or other distributions after the death of the beneficiary. With the joint trust, both parties’ assets are protected, and their heirs can be taken care of as well. Creating a joint trust in North Carolina can be done with the help of an estate planning attorney. The attorney can ensure the trust is created properly and that all parties involved are aware of their rights and responsibilities.

Related FAQs

How do I obtain durable power of attorney?
How can I ensure my wishes are carried out after I am no longer able?
What is a trust administration?
What are some common Elder Law topics?
How do I find an Elder Law attorney?
What is a survivor's trust?
What are the benefits of setting up a trust?
What is a trust amendment?
What is an elder mediator and how can they help me?
What is a health care directive?

What is a joint trust?

Related FAQs

Related Blog Posts