{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"204: Estate Planning Misses: Addressing Separate Property in a Joint Trust","description":"In this episode of Absolute Trust Talk, managing attorney Kirsten Howe tackles one of the most common \u2014 and commonly overlooked \u2014 estate planning scenarios: what happens when one spouse inherits money, assets, or real estate after a joint trust is already in place. Kirsten breaks down the difference between separate and community property in California, explains why adding inherited assets to a joint trust doesn\u2019t change their character but does affect who controls them, and walks through the two practical solutions her firm recommends. She also reveals a lesser-known complication: that even when a trust document grants one spouse sole trustee authority over a separate property account, the financial institution may not honor it, and why that matters more than most clients realize. Time-stamped Show Notes: 0:00 Introduction 0:43 Kirsten kicks off today's topic: what to do when one spouse inherits significant assets while the couple already has a joint trust in place. 1:30 A quick primer on California community property law \u2014 what qualifies as separate property, what doesn't, and why it matters for this conversation. 2:20 The common scenario: a couple has a joint trust covering all their assets, then one spouse receives a big inheritance. What now? 3:05 Here's what surprises most people: adding separate property to a joint trust doesn't change its legal character. It's still yours. But there's a catch. 3:50 The catch: a joint trust has two co-trustees, and trust-held property typically requires both signatures \u2014 meaning your spouse now has a hand in decisions about your inheritance. 4:45 One solution many clients choose: a standalone separate property trust just for the inherited assets, where you're the only trustee \u2014 fully in control, no co-signature required. 5:30 Did you know? You can title an inherited account within a joint trust as one spouse's separate property \u2014 but whether your financial institution will honor that is a different question entirely. 6:10 The fine print: even if your trust document names you as the sole trustee of a specific account, your bank's legal department may still require both spouses to sign. 6:55 The bottom line: before adding separate property to a joint trust, ask yourself two things \u2014 do you want full control, and what will your financial institution actually allow? Take the Next Step in Your Estate Planning Journey If this episode resonated with you, we'd love to help you with your own estate planning needs in California. Schedule a complimentary discovery call with our team at Absolute Trust Counsel. During this no-obligation conversation, we'll: Learn about your unique situation and goals Answer questions about our services Determine if we're the right fit to work together Visit https:\/\/absolutetrustcounsel.com\/scheduling\/ or call 925-943-2740 to schedule your free discovery call today. Follow and Review: We\u2019d love for you to follow us if you haven\u2019t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We\u2019d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select \u201cRatings and Reviews\u201d and \u201cWrite a Review\u201d then a quick line with your favorite part of the episode. It only takes a couple second and it helps spread the word about the podcast. Episode Credits: The Absolute Trust Talk podcast is brought to you with the help of Q2Mark, led by Chief Marketing Officer Susie Hays. Since 2016, Q2Mark has partnered with Absolute Trust Counsel on all marketing communications\u2014from brand development and website design to this podcast series with over 192 episodes, social media management, video production, and more. If you're business owner looking for comprehensive marketing support, visit Q2Mark.com. ","author_name":"Absolute Trust Talk","author_url":"https:\/\/absolutetrustcounsel.com\/podcast","html":"