Estate Planning Options for Couples

When building an estate plan, couples must decide how to structure the ownership and distribution of their assets. Two of the most common tools are joint trusts and individual trusts—each offering distinct advantages based on your financial goals, family dynamics, and asset structure.

At The Real Estate Law Firm, we help couples in St. Charles and throughout Northern Illinois make informed decisions about which trust structure best supports their needs. Our team will guide you through the process, explain your options clearly, and craft a plan that protects your legacy.

Understanding Your Options

A trust allows you to transfer ownership of assets into a legal entity that can manage, protect, and eventually distribute those assets to your chosen beneficiaries. Trusts are typically revocable, meaning you can make changes during your lifetime.

• A joint trust combines the assets of both spouses into one shared trust document.
  
  
• An individual trust is created by each spouse to hold and manage their own separate assets.
  
  

Choosing between joint or individual trusts—or using a combination of both—depends on how your assets are owned, who your intended beneficiaries are, and how much flexibility and protection you want built into your plan.

Benefits of Joint Trusts

Joint trusts are often ideal for couples who:

• Own most assets jointly
  
  
• Share the same beneficiaries
  
  
• Want a simplified and unified estate plan
  
  
• Prefer the surviving spouse to retain full control after one partner passes
  
  

Joint trusts streamline the transfer of assets and allow for continued control without disruption. They also make it easier to take advantage of certain marital estate tax benefits and typically require less documentation than managing two separate trusts.

Benefits of Individual Trusts

Individual trusts are a better fit when:

• One or both spouses own separate property, such as a business or inheritance
  
  
• There are children from a prior marriage involved
  
  
• A higher degree of asset protection is needed
  
  
• Each spouse has different goals for how assets should be distributed
  
  

With individual trusts, each spouse can create customized terms, maintain full control over their own assets, and designate different beneficiaries. This structure can help preserve family harmony and ensure that specific wishes are honored.

Choosing the Right Trust Structure

There’s no universal solution—some couples benefit from a single joint trust, others prefer to keep finances separate with individual trusts, and some use a combination of both. At The Real Estate Law Firm, we tailor every estate plan to your unique situation and long-term goals.

Start Your Estate Plan 

Whether you’re just beginning your estate planning journey or updating an existing plan, we’re here to help. Contact The Real Estate Law Firm today at (630) 687-1070 to schedule your free consultation. We offer flat-fee pricing for most estate planning services and proudly serve clients in Kane, Will, DuPage, Lake, and McHenry Counties.