Decision Factors: Community vs. Separate Property States
The trust options that we offer for married couples depends on whether you reside in a Community Property state or a Separate Property state.
Trusts in Community Property States
In Community Property states, FastWill offers only the Joint Trust option for married couples due to:
- Legal and Tax Benefits: Joint Trusts provide substantial tax advantages and align with the legal frameworks of these states.
- Simplified Estate Planning: Joint Trusts streamline the estate planning process in Community Property states.
If you're legally married and reside in a Community Property state, our system will automatically create a Joint Trust for you.
Trusts Separate Property States
In Separate Property states, you have the option to choose between Separate Trusts and Joint Trusts:
Individual Trusts: These are recommended for their flexibility, potential tax benefits, and simpler administration.
Joint Trust: While less common, a Joint Trust can still be established in Separate Property states, offering a unified approach to estate planning.
Mirror-Image Trusts: For married couples in Separate Property states, consider creating "mirror-image" Trusts, naming each other as Successor Trustees. This arrangement provides similar benefits to Joint Trusts while maintaining the advantages of Separate Trusts.