- Cole Gorman
Can a trust protect your privacy?
You need an easy way to plan for the future of your assets. Everyone in your life has a different opinion on what you should do with your own property. You know you won’t be able to please everyone, but you’d like to avoid conflict.
One concern is how people will react once they find out what you actually plan to do. Maybe you are concerned because you are well-known in your community or industry. Is there any way to keep your family, friends and everyone else out of your estate plans?
While other types of estate plans may be subject to the public eye, there are three ways in which a trust can protect your privacy:
Trusts are not public record. The court system does not require individuals to file trusts.
You don’t have to use your full legal name as the name of your trust. As long as it is used consistently, you could name your trust anything (within reason).
Trusts usually avoid probate. Probate is an often-messy process when the court examines a will and divides assets. Beneficiaries usually receive assets in trusts right away. Avoiding the probate process means protecting your plans from the scrutiny of your family and friends.
Even if you already have a will, a trust could be the right choice for you. You can decide if you’d like some assets to be public and some to be private.
You deserve the ability to keep your financial business confidential. No outside influences should keep you from setting plans that are sure to make you happy.