Not certain what a joint trust is? Want to know how a joint trust can save you and your spouse a ton of money and pass on your assets with out a large tax penalty? Here are some facts about this essential financial option--and whether it can help you and your family.

What it really is?

Basically, a joint trust, also commonly known as a living trust is a contract or trust document which is generally drawn up by a married couple in order to help them to manage their assets and benefit their families, while they're alive and more so after the death of one or the other.

Such a trust could be established by any couple. In most instances, it usually proves to be more beneficial for married couples to enter such agreements. (Laws in different states of the USA differ with respect to the eligibility requirements for such setups.) It's therefore prudent and in most instances essential to consult legal counsel for the actual drawing up of the document according to the laws in your certain state.

What You have to Do

Certain requirements are required for these kinds of trusts.

Firstly, both people setting up the trust must do so of their own volition. Next, the contract should have nominated beneficiaries who're to benefit from the establishment of the trust. Thirdly, property must be transferred to the trust. Finally, the property which is transferred to the trust need to be owned either individually or mutually by the creators of the trust, who are also known as grantors.

The way it works

A trustee handles the couple's assets and also the grantors generally select an individual or an institution as trustees. The grantors generally name themselves as the beneficiaries on the joint trust and sometimes also nominate their children. They also elect themselves often as co-trustees or "successor trustees".

Usually a joint trust has a clause that makes it revocable in the event of the spouse's death. Such a trust is called a Joint Revocable Living Trust.

Benefits and drawbacks

Benefits: A joint trust ensures more privacy than a will. Having such a trust also ensures ease of operations, with respect to having to manage separate assets in individual trusts. Whenever a beneficiary of a joint trust expires, there is hardly any cost incurred in legal hassles and transfer of property.

In comparison, probate not only takes longer (3 to 6 months or much more), but the legal expenses also mount up to nearly 10 % of the person's assets.

Disadvantages: Tax expense is one of the biggest burdens of a joint trust, because it causes the property to be viewed as an individual whole and thereby subject to greater tax rates. Another potential disadvantage is that, in the case of a divorce, splitting up the property becomes a massive ordeal financially and legally.

Unlike other trusts, a trust of this kind is so complex it's crucial to consult an attorney just before embarking on this form of financial protection.

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