Just how much do you value your privacy? If you are like most in Hennepin and throughout the rest of the U.S., then the answer to that question is very much so. In fact, a study conducted by the Pew Research Center whose results were shared by the Electronic Privacy Information Center showed that 74 percent of Americans believe that being able to control the access to their information is vitally important.
So how does this apply to estate planning? If your estate planning is structured solely around a will, then you need to remember that once your will is processed through probate, it becomes public record. This allows anyone who wishes to simply secure a release of information form and get all the details of yours and your family’s current financial situation, including sensitive information such as:
- Your liquid assets
- Your real estate holdings
- The current value of all of your investment, retirement, and savings accounts
A revocable trust, on the other hand, gives you complete control over who is allowed access to the information regarding your estate. Rather than the probate court assigning an administrator, you choose a trustee to see to disbursement of your assets. Anyone outside of the trusts’ beneficiaries who wants to know anything about the estate must be granted access by the trustee.
If you’ve already created a will, it is not too late to still enjoy the privacy benefits of a trust. Simply create a revocable trust, and then add a “pour-over” provision to your will that stipulates all assets not included in your trust will pour-over into the trust.
While none of the information given above should be used as legal advice, it may help keep everyone you don’t want looking into your life in the dark after you die.