Many people with revocable living trusts assume that, if the person who created the trust passes away and is survived by a spouse, the spouse doesn’t need to do anything. This is usually not accurate. A very common scenario is one in which money for the surviving spouse is distributed to either a family trust or a marital trust. But why do we need two trusts, and what is the difference between the two of them?
In this video, Denver estate planning attorney Dan McKenzie of The McKenzie Law Firm, LLC discusses marital and family trusts and what the difference is between the two of them.