Legal Question in Wills and Trusts in California
Do boyfriend and girlfriend need two L.R. trusts or one?
Can we be co-trustees of one trust to hold “our” property acquired together, or, do we each need another separate trust. We are not married but are planning on buying property together. We are older and may or may not get married. We have children and assets from previous marriages, legally divorced, and already have separate trusts fro previous assets which will be kept sepeate.
1 Answer from Attorneys
Re: Do boyfriend and girlfriend need two L.R. trusts or one?
Two separate trusts would be best, by far. You may not need to spend much. Each of you should probably use a living trust and other death and disability planning documents. Whether you can do this on your own or need attorney assistance has to do primarily with the nature and extent of your assets and the complexity of your desires. Most people with a net worth of less than one million dollars ($1MM) can. If you have more and are not concerned with eliminating estate tax, you still can, too. My book, "Create Your Legacy & Save the American Middle Class. How You Can Protect Your Family and Loved Ones in the Event of Death or Disability (Without Paying Legal Fees) and Win their Gratitude and Admiration" explains all you need to know in simple, plain English. You can go to www.yourlivinglegacy.info for more information on this and obtain a download of the book. It will soon be available from Amazon as well. If you do decide its best to handle all of this without a lawyer, I offer online my Legacy Trust Package which includes a complete planning package, in simple English and valid in every State. The book is $19.95. The do it yourself trust package if you choose to use it is only $79.95.