Estate planning is rightly considered to be an inseparable part of preparing the best for the close ones. But what if you also care so much about the privacy of your family members? When preparing the conventional type of document, its content goes on the public registry, which may lead to revealing all the details concerning your property and heirs. The following is a breakdown of how you can plan your estate with issues of privacy in mind, in consultation with a competent legal lawyer.
What should I be afraid of?
Try to think which parts of your estate you’d like to keep private. This could range from the value of your property, particular items to be distributed among the beneficiaries, or the names of the beneficiaries themselves.
Can Living Trust Help?
They are legal documents that help you transfer your property to a trustee at one point in your life. The trustee oversees the management of the assets as per your instructions and after your death, he or she distributes the assets to the required beneficiaries as per the trust instrument. Although, it’s important to know that living trusts are not as public as wills, which is an advantage.
What about Beneficiary Designations?
Some of the instruments where you can name a beneficiary include the retirement account insurance policy and bank accounts. This is more efficient and private than going through the probate court.
What measures can I take to ensure my will does not become public domain?
Even though wills can be easily obtained and therefore are public documents, some states provide certain exceptions there. Contact a lawyer who specializes in estate planning to discuss other legal possibilities in your state. In certain occasions, one can create a “pour-over will” that will complement the living trust so that everything not put under the trust is inherited as desired.
Conclusion
Protecting privacy while estate planning is all about finding that middle ground. If some data are to be protected, it is still possible; however, there may be situations when disclosing some information is mandatory. It is highly important to seek the services of an estate planning attorney to be able to guarantee compliance with your wishes while maintaining confidentiality.
