Ed. Note: Older adults have planned many aspects of retirement, but failed to create an estate plan. Explore how living trusts can help protect your privacy.By Michael P. Pancheri, Esq.
Reason #6: Privacy. Most of us naturally dislike the concept of probate because it is a public process. Theoretically, anyone can go into probate court when a person dies and look at the estate file. You can read the will, you can find out who the relatives and beneficiaries are, you can look at the claims of creditors and the list of assets, and you can find the phone numbers and addresses of estate beneficiaries. Unscrupulous sales people often go through estate files to locate grieving heirs to prey on. Disgruntled heirs, even friends and neighbors, often like to poke their noses into an estate file to see what’s there.
Revocable living trusts can prevent all of that. Revocable living trusts are private; they don’t get filed with the probate court, and no one gets to look at them unless the grantor or the trustee allows it. Some people put a high value on privacy – some people don’t. In my experience, most individuals know whether they will have a problem with a family member or some other person regarding their estate. In those cases, privacy becomes a very important concern and one that should properly be address with a revocable living trust.
These, then, are the top 6 reasons why you should have a revocable living trust. If one or more of these reasons apply to you, then you should consult a professional to see whether a revocable living trust makes sense in your overall estate planning.
Link to the series:
Number 1 Reason For Living Trusts: Protect Property for Beneficiaries
Number 2 Reason For Living Trusts: Reduce or Eliminate Estate Taxes
Number 3 Reason For Living Trusts: Managing Property upon Incapacity
Number 4 Reason For Living Trusts: Avoid Probate
Number 5 Reason For Living Trusts: Avoiding a Will Contest
Number 6 Reason For Living Trusts: Secure Your Privacy
Attorney Michael P. Pancheri is the founder and CEO of the Living Trust Network. You may contact him by email at info@livingtrustnetwork.com. You may also contact him at the Living Trust Network’s web site at http://www.livingtrustnetwork.com