Legal Question in Wills and Trusts in California
why do i need a trust if my huband dies and our names are both on all of our assets?
3 Answers from Attorneys
You don't, necessarily, depending on what assets you have and HOW both your names are on them. IF absolutely everything you own is in both names in joint tenancy with right of survivorship, AND you want nothing to go to children or anyone else when he dies, AND if you are SURE he will die first, AND you then have an estate plan for when YOU pass on, then you probably don't need any estate planning for him. The main reason for a trust is the tax and estate administration benefits when you both have passed and your assets go elsewhere, or if you want some of your assets to go to children or others when one of you passes and before the other does. There may also be public benefits reasons, depending on your financial situation, to try to put assets out of the reach of MediCare and MediCal reimbursement claims.
Title needs to be in what is called joint tenancy ,with right of survivorship. Otherwise one half of all you own will go into probate when the first one dies.