One Spouse Dies: What Happens To a Joint Revocable Living Trust

In this video, I explain what typically happens when a married couple establishes their avoid probate RLT and one spouse dies. Well, the first thing to do when one Settlor/Grantor dies, is to look to the precise terms of the trust. Neither me nor anyone else can tell you what is supposed to happen when one spouse dies without reviewing the specific trust instrument terms.

0:00 Joint Living Trust: First Spouse Dies
0:16 Review Trust Instrument
0:40 Example: Travis and Emily
1:15 Travis Dies With A $2M Trust
1:51 Split Into Two Trusts
3:00 The Survivor's Trust
3:35 The Deceased Spouse's Trust
5:51 Address What Happens On First Death

[LJ-jqog]

Paul: your alive ! I am now canceling the missing persons report for you 😊 GREAT to see you back in the saddle....

[MsElaine]

Useful, My (our) living trust does not create a sub trusts upon one spouce death. It stays as one revocable trust even when one spouce dies. Its just words on paper, you / your estate attorney can write anything you want. A living trust does not follow fixed rules. Good luck to all.

[clays]

Thank you very much! Are you referring to the A-B provision of a trust?

[slimdawgwoof]

Thank you! I have been wondering. Much appreciated.

[stephenhines]

Thank you Paul Been worried about you

[lindadow]

If the deceased spouse’s trust specifies that principal can be withdrawn by the surviving spouse for her health, education, and welfare, does this counter the protection of the irrevocable trust against the nursing home?

[flute]

What does life have to be so complicated? Family inheritance should be a lot lot simpler.

[niceg]

Hello Paul, i recently landed on your channel and glad i did because of what i have learned.

I have a question, how can one ensure his/her beneficiaries do not sell his assets once dead. And ensure their businesses keeping running without the beneciaries having direct control over them but only receiving proceeds of the business operations

[michellegosselin]

When putting a deed into a revocable trust, is it better for someone to maintain their Homestead rights?

[theresaholmes]

It would seem to me to that the other one is in charge . I thought if they had a trust together . Why two trusts ? I have not heard of sub trusts .him.

[deltalove]

Wouldn't Emily need a Federal Tax ID# and a separate Federal ID# bank account Trust, b4 Emily can use any monies??

[nickc]

Hi there, Great information. I've been searching to find a video that discusses a Joint Living Trust that contains a house (only) and is to be split into a Deceased Trust and Surviving Spouse Trust upon the death of the first spouse. How is this handled? The other assets have beneficiary designations and are covered outside of the trusts. Can you provide a scenario for this?

[michellerankin]

Thank you for
How can I contact to you
Now I m going on this happening
I don't know anything about this situations
I need help
Anyone who can help me

[laurazessi]

So what happens when the trust list the surviving spouse to separate assets into a beneficiary trust (decedents half) and the survivor trust the remains of mom's portion still under turms of trust. 5k withdraw of principle and entitled to all income till her death. The trust held a sub parcel created from a corporation deed of trust on a mortgage company held under estate. The family home had 11 deeds on it it was still in my parents name until the second party died in a quick claim deed with processed basically making it look like it's been in the trust name since it was signed. What happens when nobody wants to account for anything after the first death. My dad had two Corporations ( same number but one labeled domestic stock one labeled profit the only difference in them is a C in front of the corporation number) had two different construction companies, really 4 on record registered to the family home address but only two construction lic found. I'm told I'm not entitled to an accounting, nobody ever appointed on dad's estate only on mom's... Shouldn't the trustees get appointed on trust not singular estate???