How Estate Planning Can Help with Privacy Concerns
For many residents of Canton and the surrounding areas of Connecticut, privacy is an important concern when it comes to estate planning. You may want to maintain discretion when it comes to the value of certain assets you hold, and how those assets will be distributed. When assets are left through a will, however, beneficiaries are often surprised to learn that the details of their loved one’s estate become public. Whether you already have a will in which you are leaving substantial assets to beneficiaries, or you have been planning to make a will, it is important to know that your will must be probate, and probate is public. Accordingly, the details of your estate and its distributions will become accessible to the public.
Probate records can provide the public with a wide range of details about property, asset values, and family relationships. Yet through estate planning, you can keep this information private and out of the public sphere. How can estate planning help with privacy concerns? Our Connecticut estate planning attorney can explain in more detail below.
Create a Revocable Living Trust
The best way to keep details about your property and its value private is to create a revocable living trust and place your assets into the trust.
A revocable living trust is an extremely valuable tool in estate planning for most Connecticut residents, and especially for residents who have privacy concerns. With a revocable living trust, none of the assets held in the trust or distributed through it will need to go through probate — they will be distributed privately and no details will become public record. In addition, a revocable living trust gives you great flexibility to continue controlling your assets during your lifetime. With this type of trust, you can amend the terms of the trust, including beneficiaries and distributions, or even cancel the trust altogether, during your lifetime.
Your Estate Plan Does Not Need to Leave Any Assets Through a Will
Many people assume that, even if they have a revocable living trust or another type of trust through which most or all of their assets are distributed, that it is still important to have a will. This depends on your circumstances. For many people who create a revocable living trust, you may not need a will at all.
Even if there are reasons to still make a will — such as naming a guardian for your minor child — you do not have to leave any assets through your will. All of your assets can be distributed through your revocable living trust, which will ensure that all of the details of your property and its valuations remain private.
Contact a Canton, Connecticut Estate Planning Attorney for Assistance with Your Trust Creation and More
Maintaining some privacy around your estate is important to many Connecticut residents and for a wide range of reasons. Through estate planning, and the creation of a revocable living trust or other types of trusts in particular, details of your assets and their distributions will not be open to the public. Our firm is here to help you in selecting and establishing the types of trusts that fit your needs in addition to creating other important components of an estate plan. Do not hesitate to reach out to an experienced Canton, Connecticut estate planning lawyer at the Law Office of Brian S. Karpe to find out more about how we can assist you. Contact us today to get started on your estate planning needs.
Source:
cga.ct.gov/2023/pub/title_45a.htm
