Many couples may consider setting up a revocable trust in order to protect assets when one spouse dies before the other. Splitting the trust upon the death of one spouse is good for other situations as well. Here are some reasons that you may wish to split your trust upon the death of one spouse.

Second Marriage

If this is a second marriage and one of you has children from a previous marriage, splitting the trust may be a good way to ensure that all of the assets you leave behind go to loved ones as you wish. Having a discussion about what relationship will be maintained with step children before death is a good idea.

Real Estate in Other States

Estate tax laws vary greatly from state to state. If one spouse owns real estate in another state, the death of that spouse may call into question very complex tax laws. Having the trust split can protect mutual assets from being taken.

Differing Money Management Styles

Arguments over money in a marriage are common. If there are complex issues that seem unable to be resolved about how money should be managed, then splitting the trust may allow one spouse to have a final say about managing the money.

Singular Assets

Are there assets or funds in your marriage you feel are yours? A large inheritance or family farm? Then splitting the trust can help you protect these assets after you are gone.

Contact Stano Law group for assistance on estate planning such as trusts or wills.