What are the disadvantages of my spouse and I have separate revocable trusts?

Here are two disadvantages of having separate revocable trusts:

  • With separate revocable trusts, each spouse will have their own trust and would essentially be responsible for the management of their own trust.  But spouses can share this responsibility by making each other co-trustees of their respective trusts.
  • Formation and proper funding of separate revocable trusts require slightly more upfront cost and a bit more work to fund separately.

 

Kelley Scrocca
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Business Estate Planning and Probate Attorney