One of the benefits of using a Florida Revocable Trust is that the contents of the trust can remain private. Remember that if you or your heirs provide copies to others you may loose this advantage. This is exactly what happened with Farrah Fawcett’s Revocable Trust. RadarOnline.com obtained a copy of Farrah Fawcett’s Living trust and has posted it.
a) All art work has been left to the University of Texas at Austin.
b) All other personal items have been left to her nephew, Greg Walls.
c) $100,000 has been left outright to ex-boyfriend Gregory Lawrence Lott.
d) $4,500,000 has been left in a lifetime trust for the benefit of Fawcett’s son, Redmond. Producer Richard Francis is named the Trustee of this trust.
e) $500,000 has also been left outright to Greg Walls.
f) $500,000 has been left in a lifetime trust for the benefit of Fawcett’s father, James Fawcett.
g) The balance of Fawcett’s estate has been left to The Farrah Fawcett Foundation, a private foundation founded by Fawcett in 2007 that is dedicated to funding cancer research.
All of these proceeds will avoid probate and the costs associated with them. There are many benefits to a Florida Revocable Trust. If you are thinking of creating a Florida Revocable Trust contact a Florida Estate Planning Lawyer to discuss your goals and objectives.