What is a joint trust?

A joint trust (or jointrevocable trust) is a legal document that allows two or more people to share ownership of an asset. The primary purpose of a joint trust is to help manage and protect assets in the event that either one or both of the joint owners become incapacitated or pass away. In South Carolina, a joint trust is created when two or more people (called “grantors”) create a trust and name a trustee to manage it. The grantors may decide who will receive the trust’s assets and income. The grantors can also specify conditions on how the trust should be managed and distributed while they are alive, or if either of them should become incapacitated. If either of the grantors passes away, their share of the trust is distributed according to the guidelines outlined in the trust. This ensures that their wishes are followed even after they are gone. A joint trust can be used to manage a variety of assets, from real estate to bank accounts. It also allows grantors to provide for the long-term care of their loved ones. By setting up a joint trust, the grantors can help ensure that their assets pass on to their beneficiaries in the way they intended.

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