From our “Ask a Question” mailbag: LGBT Revocable Trust and Probate Concerns in Bucks County

Most Recently Updated July 14, 2018.

“In preparation for my upcoming death, I have formed a Revocable Living Trust to make easier the transfer of my assets to my partner. I wish to avoid probate in Bucks County, Pennsylvania. I do have some legal claims against people who owe me money that may not be resolved before my death. Do I need a will?”

LGBT Revocable Trust and Probate Concerns in Bucks County

If properly formed and funded with all of your assets that would otherwise be probate assets, your thoughtfully planned Revocable Living Trust can avoid probate in Bucks County. However, if you have a legal claim at your death, that claim must be pursued by your Executor. Although it is possible to transfer your claim into the Revocable Trust, this is often problematic.

What Your Executor Will Need to Do

Under typical conditions, shortly after your death, your Executor would file your will and than have your estate take your place as plaintiff in any pending lawsuits. Because of this possibility, you should form a “Pour Over Will” and name your partner as Executor. This type of Will is rather simple, and only states that any Probate Assets collected after your death “pour into” the revocable trust. It then gives your named Executor the rights to gather these assets. This would include the pursuit of any remaining legal claims.

More Planning Questions?

The LGBT Revocable Trust and Probate Concerns in Bucks County is only a piece of the Estate Planning process. By all means, if you want to learn more, please read my more detailed article, Estate Planning Everything You Need to Know.

In Conclusion: LGBT Revocable Trust and Probate Concerns in Bucks County

I hope that this article was helpful in explaining LGBT Revocable Trust and Probate Concerns in Bucks County. Further, I included links to even more detailed information on my website so you can learn more. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!

Let our Estate Planning lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced estate planning lawyers.  By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!

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Tags: Bucks County, Estate Planning, Estate Planning Attorney, Estate Planning Lawyer, LGBT Estate Planning, Pennsylvania, Revocable Trust