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Factors to consider when forming your joint revocable living trust

When spouses form a joint revocable living trust, they must decide what happens to the assets of the trust upon the death of the first spouse to die (herein, the “Deceased Spouse”). The assets of the trust may consist of a mixture of community property and separate property. In general, spouses have two choices: (i) a revocable living trust that requires all assets of the trust to pass to a revocable Survivor’s Trust upon the death of the Deceased Spouse (herein, the “Simple Option”) or (ii)...