[WSBARP] Adding wife to Husband's RLT?

[Gerald Sprute]

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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