(There are many types of trusts and it is beyond the scope of this article to review each. Each trust will have a ‘benefit’ for example-the special needs trust.)
Skip forward to 2017…The big motivator for creating a trust, for many, is now the matter of privacy. I have written many times that probate proceedings are a matter of public record. Many do not realize how intrusive “public” actually means.
One acquaintance told me their story- they had dealt with the probate themselves without an attorney and provided the required probate contact information. Subsequently, they were being ‘hounded’ with mail and telephone calls
Their probate documents were public records as was the will. There are people and companies “trolling” for information by using those records. Probate proceedings are public and yes, a third-party could attend all of the hearings in open court, get a copy of a will, and gain knowledge about all of the assets that an individual owned at the time of their death.
There are instances where probate ‘court’ is not required, but keep in mind that probate documents are still available as ‘public’.
Companies use contact information derived from the probate documents to make various ‘offers’ – offers that vary…from purchasing the property of the deceased to making loans to the ‘recently bereaved’. And the companies can be very persistent.
Doubtless, to get those kinds of offers from complete strangers while dealing with the grief and loss of a loved can be stressful.
Avoiding probate to maintain privacy remains a strong motivator for utilizing a trust in estate planning.
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