Following a marriage, Florida newlyweds need to contemplate planning their estates. Even if one or both spouses undertook this endeavor before the nuptials, many of the documents might need to be reviewed and revised following a marriage. As part of that endeavor, a couple may wonder whether they might consider establishing a joint or separate trusts.
An eye to heirs and separate trusts
In some cases, newlyweds may have individuals beyond their new spouses who they might want to benefit from their estates. This desire oftentimes lessens over time and the longer a marriage lasts, particularly as a couple has children. With that said, establishing separate trusts for each spouse satisfies a desire to protect and provide assets to a spouse and yet do the same for other heirs as well.
A single trust and expeditious conveyance of assets to a spouse
Absent an eye to benefiting other heirs via a trust, newlyweds might want to give serious consideration to creating a joint trust following their marriage. A joint trust provides what fairly can be called the most expeditious way to convey assets to a surviving spouse upon the death of the other.
By creating a joint trust during the estate planning process, a newlywed couple has a instrument that permits the passing of property to a surviving spouse without the time and expense of the probate process. Moreover, such a trust lessens or eliminates all together tax consequences otherwise associated with conveying certain assets.
A qualified Florida estate planning attorney can assist in determining what type of trust structure makes the most sense for a specific newlywed couple. In the final analysis, there never is a one-size-fits-all scheme for estate planning.