Are Revocable Trusts Only Beneficial After the Creator Dies?
West Palm Beach estate lawyers and trust attorneys are noticing that trust litigation in Florida is booming! This is probably because people are using revocable trusts to hold family valuables, and dispose of them. Did you know that trusts can, and often do, operate DURING the trust creator’s lifetime? This means that a trust can operate when the trust creator is still alive, not just after the creator passes away. A trust can be created to insure that certain things of value, such as the ownership of an N.F.L. team, remain in the family even if the creator of the trust becomes incapacitated from Dementia or Alzheimers.
Decades prior to being diagnosed with Alzheimer’s disease, Pat Bowlen, owner of he Denver Broncos, created The Pat Bowlen trust to insure that the team was kept in the family. When he developed Alzheimers, and was no longer able to control the team, he turned over his control to the three trustees of his trust. His intention was that, eventually, one of his seven kids would take control. Now, trust litigation has begun between the trustees and one of Bowlen’s kids. Although this is not a Florida trust matter, trust lawyers in Florida are frequently involved in litigation where the beneficiary of a trust sues the trustee(s).Do you want to read more about this trust battle? To read the entire article, click here.