[WSBAPT] Adding wife to Husband's RLT?

[John J. Sullivan, Esq.]

Yes. Have had a few clients move here from common law states where the
practice was separate RLTs. My practice is to merge the two into a combined
RLT vis a restatement. 

 

John J. Sullivan

 

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com>
On Behalf Of Gerald Sprute
Sent: Wednesday, March 4, 2020 4:17 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>;
wsbarp at lists.wsbarppt.com
Subject: [WSBAPT] Adding wife to Husband's RLT?

 

Anyone have experience dealing with individual Revocable Trusts for husband
and wife?

 

Husband set up a revocable trust in Illinois, while he and wife were
married.  He is the only grantor and trustee. Wife is the remainder
beneficiary. 

 

Husband and wife want a "traditional" Revocable Trust, with both of them on
it.  Because of complicated asset transfers with Illinois business
interests, it's impractical to just throw the old trust out.  

 

I presume that I can't add Wife as a Grantor on the old trust.  Has anyone
restated a trust like this (I've seen them come in from other states
occasionally, where husband and wife each have their own revocable trust).
Would it make sense to just add Wife as Trustee and lifetime beneficiary and
give her additional powers equal to the grantor?  Or would it make more
sense to draft a whole new RLT with Husband and Wife as Grantors, and just
leave the Illinois property in Husband's separate (unrevised) revocable
trust?  

 

Any wisdom out there on this one?  

 

 

Jerry Sprute

Law Office of Gerald A. Sprute

P.O. Box 1657

Duvall, WA  98019

Tel / Text: (425) 892-4079

FAX: (206) 519-6667

www.sprutelaw.com <http://www.sprutelaw.com>  

 

 

 

Law Office of Gerald A. Sprute
P.O. Box 1657
Duvall, WA 98019
Tel: (425) 892-4079
Fax: (425) 844-9151
www.sprutelaw.com  <http://www.sprutelaw.com> 



 

 




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