As a definition, the spouse trust means when somebody establishes a trust that gives the other spouse the opportunity to protect the family’s welfare and also to defer some taxes. Through this process, the living spouse can be the only person who can use the estate during his lifetime. The spouse trust is divided into tow parts. The living spouse’s part remains revocable as the deceased’s will be irrevocable.

There are many reasons for creating a spouse trust. One can set up such a trust, only for some tax savings. In some situations the spouse is allowed to benefit from the capital and upon death, the children may be the next beneficiaries.

Another option is to designate your spouse as a co-trustee in your family living trust, in order to avoid the probate. Through this, both spouses can have control over the trust. This means that each of them can sell or give away the assets. It is required that both spouses give their signature as consent of transferring or selling the shared property. This process is a so called “shared marital trust”.

A family living trust is a legal document which is established during your lifetime. It acts like a revocable living trust, as it can be changed by the trust’s owner. It is mostly used to avoid taxes, manage the financial resources or keep the privacy of your belongings.

In order for you to understand what benefits a family living trust can bring, you should ask for a legal advice. A lawyer is able to explain the way you can wisely manage your belongings. Since the family living trust is a revocable trust, you can cancel it, make changes or even demand the belongings. Also you are able to set the welfare distribution upon your death, or even name new beneficiaries. This way you can avoid probate as you don’t own the welfare; only the trust does.

One of the rules that the spouse trust implies, is that the living spouse has the responsibility of managing the estate in the beneficiaries` interests, if there are no other requirements established in the document.

A trustee intervenes when the second spouse entitled to the trust has died and takes position in acting according to the trust’s rules. In this case the trust is irrevocable.

When thinking to your children’s best interests, you have to take into account hiring a well trained attorney who can help you through the whole process, which sometimes can be difficult. In case you decide not to have your spouse as a co-trustee due to any unwanted circumstances, you need your spouse’s agreement, as according to the spouse trust, you both are owners.

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