Revocable Trust For Individual with Spouse or Partner: Separate Share Trusts For Children

This legal template is a document designed for individuals who wish to create a revocable trust to manage their assets, while also ensuring specific and separate shares of the trust are set aside for their children. The primary purpose of this trust is to provide comprehensive estate planning, allowing for the distribution of assets in a manner that reflects the unique needs and interests of both the individual and their spouse or partner.

A revocable trust offers flexibility and control, as it can be modified or revoked during the individual's lifetime. By using this legal template, individuals can establish separate share trusts for their children, which means that each child's share of the assets is held in a distinct trust, safeguarded for their benefit.

The template likely includes provisions for appointing trustees, who are responsible for managing the trust assets, making distributions to beneficiaries, and ensuring the trust's objectives are met. The document may also address specific instructions on how the assets should be distributed among the children, considering factors such as their age, financial needs, and future goals.

Furthermore, the legal template might include provisions for handling any changes in marital status, such as divorces or remarriages, to ensure the trust remains intact and aligns with the individual's intentions.

Overall, this legal template helps individuals create a revocable trust that protects and manages their assets while setting aside separate shares for their children. It offers the opportunity to tailor the distribution of assets to meet the specific needs and circumstances of the individual, their spouse or partner, and their children.