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For common law states, should I create an individual trust or joint Trust with my spouse?

For common law states, should I create an individual trust or joint trust with my spouse?

In common law states it’s most common for married couples to maintain separate trusts. You can still assign your spouse as your successor trustee and/or beneficiary, but it ensures that your assets are not commingled or confused.

At this time Dynasty only offers separate trusts for married couples that reside in common law states, because separate trusts are much more common and straightforward. If you want to create a joint trust, we recommend engaging with an attorney so you can understand all the legal implications that come with combining your assets under one entity.

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What is a Trust?

A Living Trust is a financial tool that lets you plan, organize, and protect your life. It’s a personal entity that allows you to add assets and plan out your inheritance. Eliminating legal battles, cost, and time spent by your loved ones. 

Think of it like a personal LLC that you put everything you own in. Except it doesn’t protect you from liability like an LLC does, it protects you from probate and conservatorship. 

Probate is the complicated court process (12-18 months) where a judge decides what happens to your assets after you die, become incapacitated, or are “deemed” incapable. Creating a living trust allows your assets to completely circumvent probate and immediately transfer to your loved ones. 

In addition to being able to name heirs (your beneficiaries), a Trust also allows you to assign someone to manage it (your successor trustee). Instead of going through probate, your Successor Trustee takes control of the Trust, handles your affairs, and distributes your assets according to your instructions. The person you select as Successor Trustee should be your most trusted person. Like a best friend or closest family member.

At Dynasty, we believe everyone should have a Living Trust. If you have children, assets, or plan to acquire assets in the future, you should create a Trust. That way when you buy your next home, open a bank or brokerage account, get startup shares, etc. – you can immediately title them in your trust.