Deciding between joint and separate trusts for married couples has been a conundrum within the estate planning community for a long time. While many attorneys swear by one trust over the other, there are many factors—such as, the state in which the couple resides, the total of their marital estate, and the couple’s relationship itself—that contribute to the decision of which trust is more suitable.

Historically, joint trusts have been popular among married couples due to their cheaper start-up costs, ease of management, and the fact that a joint trust reflects the traditional view of a marital estate as a singular unit. However, separate trusts, have some great (and often superior) benefits for a married couple in regards to asset protection, management flexibility, and cost savings after the death of the first spouse.

To aid in this decision process, we've compared the strength and weaknesses of each trust type for various situations. The check mark signifies which trust is the better option for that category.

Newlyweds have a lot on their plate. With all the pre and post wedding activities and acclimatizing to married life, it’s no wonder that estate planning is often a low priority for newlyweds. As estate planners, we know that marriage signifies a major lifetime event, which requires the creation of a new estate plan, or updates to an existing one. In order to capture the attention of the newlywed demographic, it’s crucial to create a sense of urgency around your service offerings.

Potential clients are most often lost due to their own mental friction—agonizing over something until it is utterly forgotten. Urgency is an important conversation tool in marketing, where trigger words and phrases (act fast, limited time only, buy now, etc.) compel a consumer to suspend caution and act quickly. Estate planners can capitalize on this tactic by creating this sense of urgency both within how they discuss and promote their services.

Millennials are estate plannings’ next major demographic. However, to acquire them as clients, estate planners must overcome several hurdles. The biggest obstacles attorneys face are the misconception that estate planning is only for older/wealthier individuals, and the wariness millennials have of spending money on things they deem unnecessary.

In order to convince millennials they should be financially prioritizing estate planning, it’s important to educate them why an estate plan is not only a worthwhile investment, but that it’s fundamentally necessary for the future well being of their families. Below are some basic talking points for engaging millennials.