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Schomer Law Group, Los Angeles Estate Planning and Elder Law and Elder Law Attorneys

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Home » Estate Planning » Is a Shared Living Trust Right for You?

Is a Shared Living Trust Right for You?

August 11, 2020Estate Planning

joint living trust trustsThe revocable living trust is a very versatile and effective estate planning tool. One of the major advantages is the fact that asset transfers that are facilitated through the terms of a living trust are not subject to probate.

This is a court proceeding that would enter the picture if you express your final wishes in a simple will. Inheritances are not distributed while the estate is being probated by the court, and it will take close to a year in most cases.

Another drawback is the fact that anyone that is interested can obtain probate records to find out what transpired during the process. Considerable expenses accumulate during probate as well, so a lot of people choose to avoid it.

Since a living trust would be revocable, it can be rescinded or dissolved at any time. This would rarely be necessary, because the grantor would have complete access to all property that was signed over to the trust every step of the way. Additional property can be added at any time, and the grantor can change the terms of a living trust.

Shared Living Trusts

If you are married, depending on your intentions, a shared living trust could be very good choice. This would be the way to go if you and your spouse have a lot of jointly owned property, and you want to leave your individual interests in the property to one another.

At first, you and your spouse would be co-trustees and beneficiaries. After the death of one spouse, the survivor would become the sole controller of the living trust.

Even if you and your spouse have separate property that you want to pass along to others, this can be done if you have a shared living trust. You simply have to put this property on a schedule and state your wishes in the trust agreement.

Separate Living Trusts

Two people that are married have the right to establish their own separate revocable living trusts. This would be the better option if there is no jointly held property and the estate planning objectives of each individual are divergent.

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Since you are on this site, you must be interested in learning more about estate planning and/or nursing home asset protection. If you are on this path, we have numerous resources that you can access through this website, and we also offer webinars and workshops on an ongoing basis.

Because of the impact of the novel coronavirus, we are taking a wait-and-see attitude when it comes to the live, in-person workshops, but the webinars are working out very well.

You get the same information delivered in real time by a licensed estate planning attorney, but you don’t have to go anywhere to get it. This is a great way to invest some of your spare time and come away with a new level of understanding that will serve you well.

To see the schedule, visit our webinar page. When you identify the session that you would like to attend, follow the instructions to register so we can reserve your spot.

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If you are ready to get straight to the point and put a plan in place, we are here to help. Since there are many different ways to proceed, the ideal course of action will depend on the circumstances.

We can gain an understanding of your unique situation and explain your options so you can make fully informed decisions. After you approve of a plan, we will execute it to perfection, and you can go forward with peace of mind.

Once we have established a relationship, we will always be ready to help if you need to revise your plan in the future. We will also be well-positioned to assist your family during the administration phase, and this can be invaluable during difficult, confusing times.

To set the wheels in motion, give us a call at 310-337-7696, and we have a contact form on this website you can fill out if you would rather send us a message.

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Scott Schomer, Estate Planning Attorney
Scott Schomer, Estate Planning Attorney
A graduate of Boston University School of Law, Scott P. Schomer is a frequent lecturer on estate planning and elder law issues, having discussed these important issues on local and national television. A seasoned courtroom advocate, Scott has obtained combined judgments and verdicts in excess of twenty-five million dollars for his clients. Scott has served as a member of the Los Angeles Superior Court Probate Volunteer Panel (PVP Attorney), Probate Settlement Panel and a Judge Pro Tempore. Scott's expertise has been recognized by his peers with such accolades as a life-time membership in the Multi-Million Dollar Advocates Forum, the Five Star Wealth Manager designation, and repeated nominations as California Super Lawyer.
Scott Schomer, Estate Planning Attorney
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We need to update our Living Trust and attended Schomer Law Group’s seminar. Afterwards we made an appointment and were impressed by the attention Scott Schomer and Liran Aliav gave to our case answering all questions and making suggestions how to minimize the estate tax. All the office staff is very friendly and we highly recommend Schomer Law Group.

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We put off getting a trust for years. After attending a seminar with Scott Schomer we realized that the time had come to get a trust. We were given very good reasons for why we should get a trust. No pressure, just the plain facts. We are very relieved and happy to finally get our trust. Scott and Cesar were very knowledgeable, helpful and listened to our ideas of what we had to say. Any questions that we have now and in the future they are available to assist us to solve them. I recommend the Schomer Law Group and I wish we knew about them years ago.

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When you’re presented with an invitation to attend in a mailer, you may have reservations, this was a truly gift!! My wife and I were educated and guided through the process of creating a family trust.
Both of our parents had attorney’s that “worked” with wills/trusts, but came up short. Fortunately, the Schomer Law Group was there! This is a group of attorney’s that only specialize in estate planning, law, and financial advice, so you know you’re getting expert and personalized advice. This is the best money we’ve ever spent!! Thank you!

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We knew we had to update our 10 year old ( 20 page ) trust. After several detailed meetings, Liran and Cesar produced a large ( 300 pages + ) highly detailed trust document that we have used to make sure our family estate is well managed and clearly understood.
They were all very helpful in answering myriad questions and explaining all the various options…

We would strongly recommend the Schomer Law Group to anyone with an estate of even modest means, to assure proper planning…

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We had contemplated updating our will and starting a trust for a number of years. After attending a talk by Scott Schomer we realized we were long overdue and the potential downside of not having our affairs in order was significant. Scott and his excellent team made the process simple and seamless. They were great listeners, addressed all our concerns and even pulled and processed all the paperwork from our financial institutions. If you are looking for assistance with estate planning, wills and trusts, we highly recommend Schomer Law Group.

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Very competent & informative – friendly atmosphere – ready to answer the most mundane questions – relaxed.

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Mr. Schomer was excellent in getting our family trust and estate affairs in order. My husband and I had put off doing this and Scott really made the process easy! He is very passionate in making sure his clients get all that they need and we really appreciated it. I would highly recommend him and look forward to the many years he will be available to assist our family.

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