This can be a common question, especially in a second marriage or blended family situation. For the quick answer, it is difficult to maintain a joint trust and keep your financial accounts separate but not impossible.
Couples who own joint real estate typically like keeping a joint trust because it is simpler to have one trust own the property entirely, rather than having each of their trusts hold a half interest in the real property. By having a joint trust it is more comfortable to leave property to the survivor of mutual trust.
However, if both spouses are in agreement to keep financials and property separate, then each spouse should have their trust. This comes up a lot with newly married couples who have little property or couples who owned the property before marriage or received an inheritance before the wedding and want to avoid commingling.
However, if both parties are still keen on having a joint trust, then steps may be taken. For instance, in a typical Revocable Trust scenario, all the assets except retirement accounts are owned by the trust. In the case with separate bank accounts, you can choose not to have the trust own the bank account, but instead, list the trust as a beneficiary. Then within the joint trust list the account along with how that particular account should be divided up between heirs.
At the Law Office of Sean Patrick Cox, PLLC, our family law attorneys Grand Rapids MI proudly serve West Michigan families in drafting their estate plans to plan these types of situations. Most importantly if families find themselves in this scenario, we can help guide them through the process and get them to the other side, worry-free.
We offer free consultations, Call Today (616) 942-6404
FREQUENTLY ASKED QUESTIONS
When hiring a family law attorney Grand Rapids MI, it’s crucial to consider several key factors, including expertise in Michigan family law, experience handling cases similar to yours, a track record of success, and familiarity with local court procedures. Additionally, look for an attorney who communicates effectively and is responsive to your needs. It’s also important to consider the attorney’s reputation and client reviews. By prioritizing these factors, you can find a family law attorney in Grand Rapids who is best equipped to handle your case effectively.
According to Coppin’s Law, which emphasizes the importance of local expertise in legal matters, the best family lawyer for you would likely be one based in Grand Rapids, MI. Considering your location, seeking out family lawyers Grand Rapids MI, can ensure that you benefit from their understanding of local laws, procedures, and court dynamics. By choosing a lawyer with a strong foundation in the Grand Rapids community, you’re more likely to receive tailored legal advice and representation specific to your needs and circumstances.
An associate attorney at the Law Office of Sean Patrick Cox.
