Legal Question in Wills and Trusts in California

Two Revocable Trusts?

It seems that many Colorado married couples have two revocable trusts (one for her, one for him) rather than one for the couple as is common in other states. Why is this? How do you fund the trusts -- with each trust taking half of a community property residence as a tenant in common?


Asked on 5/25/99, 10:33 am

1 Answer from Attorneys
WILLIAM BRANDWEIN WILLIAM A. BRANDWEIN, A PROFESSIONAL LAW CORP.

Re: Two Revocable Trusts?

IT IS COMMON IN COMMUNITY PROPERTY STATES TO HAVE ONE TRUST FOR HUSBAND AND WIFE. IT IS NOT THE PRACTICE IN COMMON LAW STATES BECAUSE ACCORDING TO MOST EXPERTS IT SIMLY DOESN'T WORK. IN A COMMUNITY INTEREST EACH OWNS A PART OF THE WHOLE, WHILE IN TENANTS IN COMMON EACH OWNS AN UNDIVIDED ONE-HALF INTEREST.

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Answered on 5/29/99, 5:26 pm


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