The primary reasons to consider using a Joint Revocable Living Trust have to do with ease of administration and to avoid probate. The Trust instrument typically provides that in the event of a grantor or settlor’s incapacity, such as mental illness or physical disability, a successor Trustee takes over the administration of Trust property. This means that a costly and public court proceeding to establish guardianship is avoided.

The main attraction of the Joint Revocable Living Trust is the avoidance of probate upon a grantor or settlor’s death. Probate is avoided because the Trust assets are owned by the Trust rather than a grantor or settlor. Also, if a grantor or settlor has properties in several states, the cost of probate administration is avoided because administration is consolidated with one Trust instrument.

After the death of a spouse, the property held in the Trust will pass at the death of the surviving spouse/grantor or settlor's death free of probate unless the Trust estate is to be distributed to the Personal Representative of the probate estate.

Other advantages are:

• The Trust can become irrevocable upon a grantor or settlor's incapacity or incompetency, but become revocable upon the recovery of a grantor or settlor and perhaps allow the avoidance of guardianship proceedings;
• The Trust can be used to segregate assets for many purposes such as second marriages where pre-marriage assets can be held in the event of a later divorce;
• There may be some creditor protection for the assets held in the Trust, if a grantor or settlor is given only a limited power, not the power to revoke; and
• Unlike a Last Will & Testament, the Trust agreement does not become a public document.

Let us jump start your estate plan and provide you with peace of mind by drafting a Joint Revocable Living Trust for $574.95