Many individuals would like to keep their final affairs confidential for one reason or another. If you were to utilize a last Will to express your wishes and arrange for the transfer of your assets confidentiality would not be assured.
This is because your estate must pass through the legal process of probate if you use a last Will to direct asset transfers. Because the probate court supervises the administration of the estate everything that goes on becomes a matter of public record and the details are accessible to anyone.
The lack of privacy is one of the reasons why people often look for ways that they can transfer assets to their loved ones outside of the process of probate, but it is not the only reason.
It takes time for probate to run its course, so a lot of individuals decide that they would rather forgo the utilization of a last Will and arrange for a more direct and efficient way to provide loved ones with inheritances.
A popular choice for people who are seeking probate avoidance would be the creation of a revocable living trust. With these vehicles you retain complete control of the assets while you are still alive and capable of handling your own affairs, so in a real sense you don’t surrender anything.
However, after you pass away the resources that you have placed into the trust are distributed among your heirs in accordance with your wishes as stated in the trust agreement. This distribution takes place outside of probate in a completely confidential manner.
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