The Living Trust

[xices]

What is the name of your state? Tennessee

Is it legal for My wife and I to have 2 different Common Living Trusts?
1. The first for the benefit of 2 children of ours.
2. The second for the benefit of a child from a prior marriage

Assuming there is no conflict in the funding of the different trusts.

 

[ALawyer]

Sure it is legal to have multiple trusts, with different provisions, so long as the trusts have different names.

However, EACH TRUST GOVERNS only the assets you place in that trust.

You also need a Pour Over Will to cover the stuff that may not make it to one of the trusts, such as because it gets too difficult (such as a a car -- just try dealing with an auto insurer on a trust owned car), or after acquired property. And the pour over will should designate the specific trust you want to be the residuary beneficiary.