Section 36 Joint Property and Separate Property Equally to Each Separate Share Unless Scheduled

• 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 owned by the Settlors as two separate and

 1 

independent shares of that trust estate as set forth in this paragraph. 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 interspousal transfers. Upon the transfer of any asset to the Revocable Trust, which prior to that transfer was held by Settlors
as tenants in common...