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What Is a Joint Living Trust for Married Couples in New York? - Davies Law Firm · BSPE Legal Marketing Podcast

• 0:00
  What Is a Joint Living Trust for Married Couples in New York?
• 0:02
  For married couples in New York, protecting the assets you've built together without the burden of probate court begins with understanding one powerful estate planning tool.
• 0:11
  A joint living trust is a single revocable trust created by both spouses together, naming each other as co-trustors who manage their shared property as co-trustees during their lifetimes.
• 0:21
  When properly funded before death, a joint trust allows real estate and financial accounts to pass directly to the surviving spouse or named beneficiaries without going through New York's Surrogate's Court.
• 0:32
  It's important to understand that while both spouses are living and the trust remains revocable, it does not provide creditor protection or Medicaid planning benefits under New York law.
• 0:41
  Both spouses retain equal authority to manage, sell, invest, and distribute trust property during their joint lifetimes, subject to the terms written into the trust agreement itself.
• 0:52
  Under New York EPTL Section 7-1.17, any amendments or revocations of a lifetime trust must follow specific execution rules, and the trust document itself determines whether changes require both spouses or either one acting alone.
• 1:06
  Creating the document is only the first step, because under EPTL Section 7-1.18, assets capable of registration, including real estate and financial accounts, must be retitled into the trust's name to properly fund it.
• 1:20
  For a marital residence, proper funding typically requires preparing and recording a new deed that transfers the property directly to the trustees, ensuring the trust actually controls what it was created to protect.
• 1:30
  Married couples in New York also face a meaningful choice between one joint trust and two separate individual trusts, and the right structure depends on how assets are titled, whether either spouse has children from a prior marriage, and whether estate tax planning plays a role.
• 1:45
  A joint trust works best for couples who hold most assets jointly and agree on the same beneficiaries, while separate trusts offer more flexibility when premarital property, blended families, or creditor exposure is a concern.
• 1:58
  New York's state estate tax exemption is set at 7.35 million dollars in 2026, and an estate exceeding that figure by more than five percent loses the exemption entirely, which is a critical factor when choosing between joint and separate trust structures.
• 2:13
  A properly funded joint trust also protects a couple if one spouse becomes incapacitated, because the surviving spouse continues as trustee over all trust property without needing a court guardianship proceeding or relying solely on a power of attorney.
• 2:28
  For couples who own vacation property or a camp in another state, placing that real estate into the trust avoids a secondary probate proceeding in that separate jurisdiction, saving time and cost for the surviving family members.
• 2:40
  At Davies Law Firm, attorney Frederick P Davies founded the firm in 1993 and has presented over 1,000 seminars on living trusts, long-term care, and Medicaid, while attorney William P Davies holds an LL.M. in estate planning from the University of Miami School of Law.
• 2:56
  The experienced legal team at this law firm helps couples evaluate whether a joint living trust fits their assets, family circumstances, and long-term planning goals, and assists with creating, funding, and updating estate plans as life changes.
• 3:10
  Call Davies Law Firm at 315, 472, 6511, located at 210 E Fayette St, Syracuse, NY 13202, United States, to schedule your telephone conference and take the first step toward protecting your family's future.