[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.penningtonestateplanning.com\/blog\/what-are-the-pros-and-cons-of-joint-trusts-for-couples\/#BlogPosting","mainEntityOfPage":"https:\/\/www.penningtonestateplanning.com\/blog\/what-are-the-pros-and-cons-of-joint-trusts-for-couples\/","headline":"What Are the Pros And Cons of Joint Trusts for Couples?","name":"What Are the Pros And Cons of Joint Trusts for Couples?","description":"Trusts can be very usual tools for couples who want to protect and manage their assets during their lifetimes and ensure a smooth transfer of wealth to the next generation. Joint trusts are a type of living trust created by two people (usually a married couple) that allows them to combine their assets into one […]","datePublished":"2024-06-30","dateModified":"2025-07-28","author":{"@type":"Person","@id":"https:\/\/www.penningtonestateplanning.com\/blog\/author\/penningtonlaw\/#Person","name":"Pennington Law, PLLC","url":"https:\/\/www.penningtonestateplanning.com\/blog\/author\/penningtonlaw\/","identifier":6,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/35dc6853b9d9833af8623c784bd8cc1436ceca0be7925133d99c37afece2b1e9?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/35dc6853b9d9833af8623c784bd8cc1436ceca0be7925133d99c37afece2b1e9?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Pennington Law, PLLC","logo":{"@type":"ImageObject","@id":"https:\/\/www.penningtonestateplanning.com\/wp-content\/uploads\/2023\/05\/logo-2.png","url":"https:\/\/www.penningtonestateplanning.com\/wp-content\/uploads\/2023\/05\/logo-2.png","width":209,"height":126}},"image":{"@type":"ImageObject","@id":"https:\/\/www.penningtonestateplanning.com\/wp-content\/uploads\/2024\/06\/Untitled-design-2024-06-25T181629.691.png","url":"https:\/\/www.penningtonestateplanning.com\/wp-content\/uploads\/2024\/06\/Untitled-design-2024-06-25T181629.691.png","height":400,"width":600},"url":"https:\/\/www.penningtonestateplanning.com\/blog\/what-are-the-pros-and-cons-of-joint-trusts-for-couples\/","about":["Estate Planning"],"wordCount":350,"articleBody":"Trusts can be very usual tools for couples who want to protect and manage their assets during their lifetimes and ensure a smooth transfer of wealth to the next generation.Joint trusts are a type of living trust created by two people (usually a married couple) that allows them to combine their assets into one trust. This approach can simplify estate planning, but it also has some drawbacks that should be considered.What are the pros of joint trusts?Aside from the fact that one joint trust is easier to manage than two trusts, joint trusts:\u00a0Avoid probate: When one partner dies, the trust\u2019s remaining assets can be transferred to the surviving partner without going through (a lengthy and expensive) probate. That gives the surviving partner immediate access to the money or assets involved.\u00a0Asset protection: Couples who are worried about potential lawsuits, debt issues or \u201cmoney grabs\u201d by certain relatives may find a trust useful for keeping their assets secure and out of reach.\u00a0Tax benefits: In high-value estates, joint trusts can be structured to minimize estate taxes and maximize the inheritance that will eventually pass to their beneficiaries and heirs.Finally, it can be easier to create a joint trust than two separate trusts in the first place, especially if the couple has complicated assets that are hard to divide.What are the cons of joint trusts?Primarily, the lack of flexibility in a joint trust can be a problem, especially if the two spouses don\u2019t agree about who should ultimately be a beneficiary or how much they should receive.When there are individual trusts, each spouse can control what happens to their assets over their death \u2013 when there is a joint trust, they have to make all decisions together. This can be particularly problematic if there are children from a prior relationship involved, and one or both spouses are concerned about protecting their interests.There\u2019s a lot to consider when you\u2019re thinking about creating a trust. That makes it wise to seek legal guidance. \u00a0Call or contact us\u00a0for your free initial\u00a0consultation."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.penningtonestateplanning.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"What Are the Pros And Cons of Joint Trusts for Couples?","item":"https:\/\/www.penningtonestateplanning.com\/blog\/what-are-the-pros-and-cons-of-joint-trusts-for-couples\/#breadcrumbitem"}]}]