The privacy advantages of a living trust are a great asset throughout estate planning. Without a trust when you pass away everything you own becomes a matter of public record. There are safety issues to think about if you pass away and all of your assets become public record. Some people might prey upon a widow or try to take advantage of a situation where children inherit assets with great monetary value. Unscrupulous people may attempt to swindle your assets you have left to you loved ones by fraud and deception.
Generally your information is public to help creditors and debtors make claims that may be owed or paid by the estate. Unfortunately, creditors of your beneficiaries also have notice that a large amount of assets have just been inherited from the estate.
A living trust does not have to be probated. It is a private document that can pay your debts and transfers your gifts in a manner of your choosing not the courts. This privacy will keep the details of your estate away from unscrupulous people who may look to exploit a widow, small child, or an unsuspecting person.
A living will allows your estate to pay your bills, protect your family, and avoid the privacy violations that come with probate process. Call me today and we can discuss how a living trust might safeguard your family if something unforeseen happens to you.