Should I create a joint trust with my spouse or should we create individual trusts?

It really depends on your specific situation and what your goals are for creating a trust. There are pros and cons to both creating a joint trust with your spouse and creating individual trusts.

One potential advantage of creating a joint trust is that it can simplify the trust administration process, as there will be only one trust to manage. Additionally, a joint trust can be a good option if you and your spouse have similar financial goals and are comfortable making decisions together about the trust assets.

On the other hand, creating individual trusts can provide more flexibility and control over your assets. For example, you may want to create individual trusts if you have children from a previous relationship and want to ensure that they are provided for in the event of your death. Additionally, individual trusts can be a good option if you and your spouse have different financial goals or if you want to have more control over how your assets are managed.

Ultimately, the decision about whether to create a joint trust or individual trusts will depend on your individual circumstances and goals. It may be a good idea to speak with a financial advisor or attorney who can help you weigh the pros and cons and make the best decision for your situation.