Trust needed?

[talerco]

Jurisdiction

California

Married. California.
I am being encouraged to set up a trust.
Several properties all JT/WRS with wife. All bank accounts are joint.
Until one of us dies (assuming we don't die at the same time) is there much benefit to a trust at this point?
Thanks!

 

[zddoodah]

Until one of us dies (assuming we don't die at the same time) is there much benefit to a trust at this point?

If you're creating a revocable trust in which you and your wife are both grantors and trustees, there's likely no benefit while you're both alive. While you might have assets titled to the trust while you're alive, the trust would be disregarded for virtually all purposes.

The benefit of that sort of trust comes after you die.

Can the same sorts of benefits be achieved other ways? Maybe.

The smart thing to do is to sit down with an estate planning attorney to review your assets and the estate planning that you've already done.

 

[talerco]

Thanks - to be clear....
Would there be benefit when one of us dies given all is joint?

 

[zddoodah]

Would there be benefit when one of us dies given all is joint?

Probably not, but maybe. Impossible to be certain without a thorough review of assets.