Revocable trusts are not for everybody. However, for those persons who are interested in avoiding probate, revocable trusts can often be an integral part of an estate plan. When representing married couples, I have generally prepared separate revocable trusts for each spouse in that it simplifies the drafting of estate tax planning techniques designed to take advantage of the unlimited federal and state marital deductions, as well as the federal and state unified credits. On occasion, when there have been no substantial tax concerns, I have prepared one “joint” revocable trust for a married couple. This keeps things simple by avoiding the necessity of dividing joint assets or the equalization of estates to fund separate trusts, and is more in line with how most married couples hold their property.
Recent tax law changes and rulings, particularly on the federal side, have made the use of joint revocable trusts more useful to married couples. Even couples with significant assets may want to consider a joint revocable trust as opposed to each spouse having his or her own revocable trust. Regardless of what is decided upon in this regard, each spouse will need to have a separate pour over will as part of his or her estate plan, as joint wills are rarely, if ever, used in Rhode Island. In fact, I have never prepared one or known of one being prepared in my over thirty years of practice.
