What is a joint trust?

A joint trust is a legal document that allows you to combine assets with another person, such as a spouse, partner, or family member. This type of trust is usually used to provide financial protection for both parties when planning for future medical expenses, retirement, or estate taxes. In the state of Washington, a joint trust is usually referred to as a Revocable Living Trust. When creating a joint trust, you and the other person will create a trust agreement. This document outlines how assets will be handled and who is the trustee of the trust. The agreement will also lay out how the trust will be managed and how income and investments will be handled. The joint trust can be used to protect and manage assets for both parties during their lifetimes. Beneficiaries can also be named in the agreement and they will receive the assets or money they are entitled to upon the death of the joint owners. With a joint trust, you and the other person will both benefit from the agreement. It can provide peace of mind that assets and finances are protected and that they will be passed on to the designated beneficiaries. Depending on the joint trust agreement, the trust may avoid probate proceedings, which can result in lower taxes and legal fees.

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What is a joint trust?

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