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The Privacy and Security Benefits of Trusts

Posted on in Estate Planning

Fort Lauderdale estate planning attorneyIn most cases, trusts offer a lot of benefits over wills. Trusts allow you to appoint a successor trustee who can exercise discretion in making distributions. Trusts can be administered immediately after the grantor passes away with no need for probate. They are not subject to many of the archaic formalities that come into play when making a will. Additionally, trusts can offer a greater degree of security than wills.

One major benefit of trusts is that they can be kept private, while a will submitted to a probate court instantly becomes a public record. This makes it harder for disgruntled non-beneficiaries to cause problems for the people you have chosen to leave your estate to. Our attorneys can help you better understand how a trust can protect you and your beneficiaries given your own unique personal situation. 

How the Privacy Afforded by Trusts Protects Everyone Involved

For a will to take effect, it must be turned over to a probate court. Like most other court proceedings, anything that happens in probate court is likely to become public record. This means that anyone who feels like examining your will is free to do so. Unfortunately, this also means that it is very easy for any disgruntled relatives who were left out of the will to try poking holes in it. 

There are a number of ways a will can be challenged by someone who was not named in it, but would stand to inherit something if the will were thrown out. Someone could claim that one of your chosen beneficiaries had undue influence over you when you made the will, or that you were not mentally fit to make a will. However unreasonable, there is always a chance that a challenge could succeed. 

A trust, however, can be kept completely private - even during your own lifetime. The only people who would have access to your trust documents are your trustee and your beneficiaries. A court would only become involved if something is going wrong—for example, if your trustee is taking funds out for himself or refusing to make reasonable distributions. 

Otherwise, no one else will be able to see your trust documents. It is incredibly difficult for an unhappy and omitted relative to effectively challenge a document that they cannot access. Trusts are set aside very, very rarely. 

This level of privacy can also protect your beneficiaries. No one will know what kind of property your beneficiaries receive, or how much money they have sitting in the trust. Your beneficiaries may enjoy this privacy. 

Call a Broward County Trust Attorney

Law Office of Miller & Miller, P.A. is highly skilled at creating custom trusts that meet the needs of each individual client. Our experienced Fort Lauderdale trust lawyers will discuss the benefits of each type of trust with you so that you can make a very informed decision. Contact us at 954-981-9301 for a free consultation. 

 

Source:

https://reiclub.com/articles/trusts-personal-privacy/

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