Is there any way for a homosexual couple to protect assets acquired together from greedy family members?

Question

Lately gay marriage seems to have become a great issue in America. This question concerns the rights of gay couples. If you have ever seen the episode of QAF where Mr. Shickles leaves Emmit 10 million dollars only to have his ex wife and children take the assets from Emmit with the help of a court appointed seizure you have seen a very realistic situation for many homosexual couples. Does anyone know of any way to quarantee legally that a homosexual gets the assets left by his or her lover?
What are your thoughts on gay rights - should homosexuals have the same rights as heterosexuals or should some limitations be enforced?

Answer 1

The first thing to do is to make sure each of you has a Last Will & Testament. You may also want to consider a Living Will if you want the other partner to make end-of-life medical decisions, as opposed to a family member related by blood. Below is a very SIMPLE Last Will & Testament Form. Be sure that it is notarized and witnessed by people you trust. Good luck!

Last Will and Testament Legal Document Form

**************

Last Will and Testament Of
____________(1)____________

I, ________(2)__________, of _____________(3)_______________ being of sound and disposing mind, do hereby make, publish and declare the following to be my Last Will and Testament, revoking all previous will and codicils made by me.

I declare that I am married to _________(4)_________, to which I have referred to herein as my "spouse", and that I have __(5)__ children now living whose names and birth dates are: (List Children's Names and Birthdates)

I have _(6)_ deceased children.

All references to "my children" in this will include all of the above-named children and also any child hereafter born or adopted by me.

I

My spouse and I are executing wills at approximately the same time in which each is the primary beneficiary of the other. These wills are not being made because of any contractual agreement between us, and either will may at any time be revoked by either maker at the sole discretion thereof.

II

I appoint my spouse as personal representative of my will. If unable or unwilling to act, or to continue to act, as executor of my will, I then appoint ___________(7)___________ as personal representative of my will.

No bond or other security of any kind shall be required of any personal representative appointed in this will.

My personal representative, whether original, substitute or successor, shall hereafter also be referred to as my "executor".

III

I direct that my executor pay all of my funeral expenses, all state and federal estate, inheritance and succession taxes, administration costs and all of my debts subject to statute of limitations, except mortgage notes secured by real estate, as soon as practical.

IV

I give, devise and bequeath all of the rest, residue and remainder of my estate, of whatever kind and character, and wherever located, to my spouse, provided that my spouse survives me.

I make no provision for my children, knowing that, as their parent, my spouse will continue to be mindful of their needs and requirements.

V

If my spouse does not survive me, then I give, devise and bequeath all of the rest, residue and remainder of my estate, of whatever kind and character, and wherever located, to my children per stirpes, and I direct that the share of any child of mine who shall have died leaving no issue shall be divided among my surviving children in equal shares per stirpes.

VI

My executor shall have the following additional powers with respect to my estate, to be exercised from time to time at my executor's discretion without further license or order of any court.

Business Interest

To sell or otherwise liquidate, or to continue to operate my executor's discretion, any corporation, partnership or other business interest received by my estate.

Property of My Estate

To retain any and all property and securities of my estate in the name of my executor as executor or in my executor's own name.

Retention of Assets

To retain all property and securities of my estate for as long as my executor deems advisable.

Management of Estate

To invest, lease, rent, mortgage, insure, repair, improve or sell any and all real and personal property belong to my estate as my executor deems advisable.

Mortgages, Pledges and Deeds of Trust

To enforce any and all mortgages, pledges and deeds of trust held by my estate and to purchase at any sale thereunder any such real or personal property subject to any mortgage, pledge or deed of trust.

Litigation

To initiate or defend, at my executor's discretion, any litigation affecting my estate.

Attorneys, Advisors and Agents

To employ and to pay from my estate reasonable compensation to such attorneys, accountants, brokers, and investment, tax and other advisors as my executor shall deem advisable.

Adjustment of Claims

To submit to arbitration, to compromise or to release or otherwise adjust, with or without compensation, any and all claims affecting the trust estate.

Distribution of My Estate

In distributing my estate, to make said distribution wholly or partly in kind by transferring or allotting such real or personal property or undivided interest therein.

VII

If any person, whether or not related to me by blood or in any way, shall attempt, either directly or indirectly, to set aside the probate of my will or oppose any of the provisions hereof, and such person shall establish a right to any portion of my estate, then I give and bequeath the sum of one dollar ($1.00), only that, and no further interest whatever in my estate to such person.

VIII

In the event that any of my property, or all of it, at the time of my death is community property under the laws of any jurisdiction, then my will shall be construed as referring only to my community-property interest therein.

IX

If any portion of my will shall be held illegal, invalid or otherwise inoperative, it is my intention that all of the other provisions hereof shall continue to be fully effective and operative insofar as is possible and reasonable.

IN WITNESS WHEREOF, I have hereto set my hand and seal this _(8)_ day of ______(9)_______, 19_(10)_.

____________(11)_______________

Signed, sealed, published and declared to be the Last Will and Testament by ______(12)________ in the presence of all of us, who, in the presence and at the request, and in the presence of each other, have hereunto subscribed our names as witnesses:

WITNESS NAMES AND SIGNATURES WITNESS ADDRESS

___________(13)_____________ ___________(14)__________ Name:

___________(13)_____________ ___________(14)__________ Name:

___________(13)_____________ ___________(14)__________


NOTE TO ROSEMARY: Yes, I'm quite familiar with probate. However, a properly drafted will (when notarized, witnessed and, in particular, when filed with the court) is awfully damned hard to bypass.

Answer 2

If there is a life insurance policy be sure to name the beneficiary as the partner. Most life insurance policies have a form that can be requested where you can specifically list those that you don't want to have access to your funds. Also, a will can be very important. If you come up with a legal will and have an attorney that is skilled in estates, then you can list your partner as the inheritor of your entire state. I had a relative who left some members of his family meaningless pieces of his estate (books, magazines, etc.) so that they couldn't go to court and claim that they didn't get anything. Once their names were listed in the will at receiving some sort of property, they had no right to contest the will. They were mad but they couldn't do anything about it.

Answer 3

Form a trust...it escapes those pesky taxes and protects assets. Find a good asset manager.

I view any sexual relations not taking place between a married man and woman to be immoral (because of my belief in the Bible as a book of divine revelation). Homosexuality, since it is outside the accepted scope (along with numerous heterosexual acts), is therefore immoral.

I don't oppose love or marriage...I oppose the homosexual act. The gay marriage debate is not about marriage, its about the question of what determines morality. I don't hate gays, and I've had close gay and bi-sexual friends, so don't bother stereotyping me.

Answer 4

I would think that a will would be pretty solid, especially if you left some token amount or items to the family, to show that you weren't just brainwashed or "undue influenced" by your partner. Also, I think you can set up an advocate ahead of time who will see to it that your wishes are carried out, whether they involve burial, assets, and even end of life health care if you are incapacitated. This advocate can be a lawyer, banker, or any other person you trust to help uphold your last wishes.

I think a person should be with the people they are happy being with, and you should be able to leave your worldly goods to whomever you wish.

Answer 5

I think that you said it in a nut shell, I think that gay marriage is wrong, on moral grounds. But I do support some sort of civil union that does protect the assets of the gay couple. I think that they should have every right that a straight couple has in the protection of assets and health power of attorney

Answer 6

The only way to be sure of this is to consult a lawyer with experience in the field. Do it sooner rather than later. The question of "marriage" does not have to come up. Any two individuals can jointly own property with a right of survivorship---it just has to be set up correctly.

Answer 7

Heya paralegal chick....ever heard of PROBATE (where the family challenges the Will). That is what he is trying to avoid. What you need is an iron clad trust. We had a elderly, single man place his property into a trust with a young couple he was fond as sucessor trustees. 600 acres of trees he has spent 60 years planting. His brother, and only heir, wanted to lumber it all off.

Answer 8

I am not a lawyer, but you could create legal documents (like a living will) share it family members and have them sign it. Create a will that references this document. Have your atty make sure everything is legal and recorded.

Answer 9

Just have wills drawn up, People can leave anything/everything they want to whomever (and whatever). Sexual orientation don't mean a thing.