Joint Revocable Trust

A joint revocable trust is a legal arrangement established by two people—usually a married couple—to hold their assets together to be managed and distributed during their lifetimes and after their deaths. Both spouses are considered grantors of the trust and jointly manage the trust. A joint revocable trust, also referred to as a joint living trust or a joint revocable living trust, can be funded with jointly owned or separately owned assets. 

Benefits of a joint revocable trust might include: 

• Flexibility: Unlike an irrevocable trust, the grantors of a joint revocable trust are able to make changes to the trust terms, like adding or removing beneficiaries, amending the terms of distribution, adding or removing assets, etc. 
• Avoid probate: Since the assets held in a joint revocable trust are not considered part of the grantors’ probate estate, they can pass directly to the designated beneficiaries without going through probate. 
• Plan for incapacity: A joint revocable trust can include provisions for how assets should be managed in the event one or both spouses become incapacitated. 

Upon the death of one spouse, a joint revocable trust typically continues for the benefit of the surviving spouse, who retains control over the trust assets and can manage and use them as needed. After both spouses pass, the trust assets are distributed according to its specified terms.