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Drafting Joint Revocable Trusts (including new Community Property Trusts) in InterActive Legal

May 31, 2023 @ 12:00 pm 1:00 pm EDT

Teresa L. Bush Esq.
Drafting Webinar

Subscriber Drafting Webinars provide continued training on various aspects of using the InterActive Legal software, usually focusing on drafting particular documents or using certain drafting options.  These webinars are free to ILS subscribers. They provide insight and training regarding specific documents and options available within the drafting systems. Subscribers will receive an email outlining the topic of each drafting webinar with instructions for registration.

Webinar Description

All InterActive Legal drafting systems include a Joint Revocable Trust, which operates as one combined estate planning document for a married couple or unmarried partners.  As a revocable trust, this document also is intended for incapacity planning, and includes provisions for managing trust assets for the benefit of the grantors (and later the surviving grantor) during lifetime, as well as provisions for disposing of property at each spouse’s death.  Because this document includes the estate plan for two separate individuals, it includes some drafting options that differ from those in a standard (one-grantor) revocable trust or last will and testament.

In this subscriber drafting webinar, we will focus for the entire hour on drafting the Joint Revocable Trust in a variety of different ways, from a simple plan where all property remains in a continuing revocable trust for the survivor after the first death, to a more complicated structure where the property of the first spouse to die funds credit shelter and GST-exempt irrevocable trusts for the surviving spouse.  We will also review:

A new option to have one common “pot” trust for all property, rather than maintaining separate shares

Adding conduit or accumulation trust provisions

How best to draft for specific scenarios, such as blended families or where the grantors have no descendants

How to create custom Joint Revocable Trust profiles for plans you prepare frequently

The new Tennessee, Kentucky, and Florida Community Property Trusts, available in Wealth Transfer Planning

While Joint Revocable Trusts have historically been more popular in community property jurisdictions, they can be prepared in any state.  Join us to learn how to navigate this unique document interview so that you can incorporate it for your clients when necessary.


Continuing Education Credits

InterActive Legal is not an approved Continuing Education (CE) Sponsor. However, several states and regulatory agencies for a variety of professionals that participate on our teleconferences may still receive continuing education credit for their participation. If a participant wishes to receive CE credit for their participation in these teleconferences, they must apply to receive credit on their own and through their individual states and regulatory authorities. It is the responsibility of the participant to file for CE credit and is not guaranteed by the webinar sponsors.


Speaker Bio

Teresa Bush joined InterActive Legal in 2007 and serves as Director of Education and Support Services.

Ms. Bush has been licensed to practice law since 1991, and focused her practice exclusively on issues of estate and gift tax planning, probate, charitable planning, and estate and trust administration. She began her practice in a small law firm, planning for clients of all levels of wealth. Thereafter, she practiced for a number of years in the Tax Section of Kelly, Hart and Hallman, P.C. in Fort Worth, Texas, and as an estate and gift tax consultant for the Dallas office of Ernst & Young, in both cases focusing on planning for very high net worth clients.

Ms. Bush received her J.D. from the University of Texas School of Law, where she was a research assistant for Professor Stanley M. Johanson. She studied at Edinburgh University and the London School of Economics prior to obtaining a B.A. in Economics and Political Science from Rice University in Houston. While studying abroad, she worked as an intern for a Member of Parliament in the British House of Commons.

Ms. Bush taught legal research and writing as a Teaching Quizmaster in law school, and later taught estate planning extension courses for American College of Financial Services CLU candidates. She has presented several online webinars on estate planning and drafting topics, and is the author or co-author of a variety of estate planning articles.

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