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LGBT Revocable Living Trust
Gay, Lesbian, Same-Sex Couples, Unmarried Couples, Trusts
A Revocable Living Trust is a legal document you create while you are alive, and is an effective method of avoiding probate.
A revocable living trust allows you to name yourself as the initial trustee, and name another person to serve as successor trustee, in the event of your death or incapacity. You name your beneficiary or beneficiaries and you dictate how the successor trustee is to manage and distribute your assets upon your death.
As the trust is revocable, you maintain control over the assets in the trust during your lifetime. You can spend, sell, or give away trust assets as well as end the trust at any time you want. When you die, the successor trustee either continues to manage your trust assets or distributes the trust assets to your beneficiaries, per your instruction.
You “fund” a trust by transferring title to assets (bank accounts, real estate . . .) into the trust, thereby removing those assets from your probate estate.
Preparing a Revocable Trust in addition to a Florida Will is important if you are gay, lesbian, or are in a same-sex relationship.
- A living trust allows for the smooth, inexpensive transfer of assets after death, without the need of the court supervised probate process.
- A living trust, unlike a will, is less likely to be challenged by disgruntled family members and/or others. Courts are less likely to invalidate a trust since you put it into place and lived with it during your lifetime.
- A living trust, unlike a will, does not become public record and remains private.
- A living trust gives you the option of keeping the assets in trust for your beneficiary(ies) rather than distribute them outright.
- A Living Trust should be used with a Florida “Pour Over” Will. A pour over will causes any asset or property which has been left out of the trust, to pour over into the trust after you die.
If you think a Revocable Living Trust may be appropriate for you, and would like to discuss establishing one, CONTACT US by email or call us at 904-685-1200 to schedule an appointment.
