Section 34 All Assets, Including Separate Property, Held in Separate Equal Shares
| Library | Trust and Estate Legislation 2012 |
Settlors intend that all property that becomes subject to the Revocable Trust during their joint lives shall be beneficially equally owned in undivided interests as two separate and independent shares of the trust estate of that trust. It is understood that the accomplishment of this intent is possible by the use of this joint trust and particularly the federal gift tax exemption for inter-spousal transfers. Therefore, upon the transfer of any asset to the Revocable Trust, which before that transfer was held by Settlors
as tenants in common, joint...
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