Do you consider yourself a relatively private person? Or are you the kind of individual who doesn’t care who knows your business? Or maybe you’re somewhere in between? If you are a private person, then this post is for you. Even if you aren’t, you might still benefit from reading the following.
Whether you have made out a will or not, your heirs must go to probate when you die. It will be a relatively quick and easy process if you have a legally executed and acceptable will. If you die intestate, the legal term for dying without having made out a will, things can be complicated, time-consuming, and sometimes costly for your heirs. Either way, the court records are made public once probate is complete. Anyone can look up the details of what was included in your will, or if no will, what actions the state took regarding your asset distribution. Maybe that is acceptable to you, but perhaps not.
A revocable trust is a way to help avoid probate while providing confidentiality about your assets and their distribution.
According to the Ohio State Bar Association, “A trust exists when one person (often called the grantor or settlor) gives property to another person (called the trustee) to hold and manage for one or more other persons (called the beneficiaries). Under the Ohio Trust Code, a revocable trust (sometimes also known as a “living trust”) is a trust that the grantor can amend (change) or revoke (cancel) during his or her lifetime. Through the terms of the revocable trust, the grantor keeps all the benefits of any property placed into it for the rest of his or her life. The grantor also can be the trustee. The grantor’s spouse also often serves as trustee. A revocable trust can be funded with most property such as checking accounts, savings accounts, brokerage accounts, stocks and bonds, a home, and other real estate.”
If/when you establish a trust, in addition to your will, you can avoid probate as the assets in the trust do not go through probate. And this is the part related to privacy. If most of your assets are in the trust, they do not become public record.
There are other benefits of having a trust during your lifetime and after you die. But since this post is about privacy, the point is that anything contained in the trust is private and remains so. If your privacy is important to you, consider setting up a trust as well as a will. We can discuss details and your unique situation for your estate plan. Call me at 513-399-7526 or schedule a consultation through my website at www.davidlefton.com. I look forward to working with you.