Is it possible to create 2 living revokable trusts?

You can create as many trusts as your heart desires, and name them anything you can think of. I like to keep the titles short to cut down on typing errors when assets are re-titled.

why not add all the assets to the one living trust, and have that one trust specify how each asset is to be distributed. Not everything has to be treated in exactly the same way.

Because, the 3rd child would feel more "comfortable" if the original living revokable trust was not modified / amended. It would give them a partial feeling that at least the original trust was split up in an equal manner amongst 3 children. I realize that the math comes out the same in the end, but I believe the perception would not be as harshly received of such a change.

So, basically, my first living revokable trust was titled:

Firstname Lastname TR

and the 2nd one could be:

Firstname Lastname TR-2 ?

-David

======================================= MODERATOR'S COMMENT: Please trim the post to which you are responding. "Trim" means that except for a FEW lines to add context, the previous post is deleted.

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Well, I guess you said that the first time, but I wanted to make sure you meant it! (and others understood).

Yes, you can make as many trusts as you want, and you can name them anything you want. Frequently, trust names include thier date of creation, such as "The John and Mary Smith Family Trust of November 12, 2006".

Keep in mind that if assets are to be retained in trust until the last of the parents dies, you will need separate bank accounts for each trust, and separate tax returns for each trust, every year.

The lawyers will luv you. You'll have to pay them double.