Living Trusts are Beneficial for GLBT Couples
Apr 20, 2011 / By: Kevin Pillion, Estate Planning Attorney / Category: GLBT PlanningLike most people, GLBT couples benefit greatly from living trusts. If you are in a GLBT relationship, you likely will want to make sure that you and your partner have a plan in place so that you are both protected in the future. A living trust best ensure that your wishes are followed.
Take a look at some of the information below to learn more about including a living trust in your GLBT estate planning.
- If you become disabled, your partner will be able to handle your financial affairs. This means that you won’t have to worry about the logistics of your financial obligations. Instead, you are able to get the care that you need. Many GLBT couples are unable to handle financial obligations in this type of scenario, without the use of a living trust.
- If you die, your partner is able to manage and handle the assets that are in the living trust. This means it is possible to avoid the lengthy, public, and costly process of probate.
- A living trust is very difficult to dispute. If you choose to create a will, it is more easily challenged by disagreeing loved ones.
- While a will is only effective after death, a living trust is effective both during life and after death. This means that you and your partner will be protected during your lives. It’s called disability planning.
- You can pass assets to your partner in an asset protected trust so encroaching creditors cannot attach the assets.
If you are in a GLBT relationship, it is important to speak with an estate planning about your own needs. If you have any questions about the benefits of living trusts in GLBT planning, consult with a qualified estate planning attorney.
Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.
