Avoid Probate – Part 4 – Maintain Your Privacy

            Probate actions are public affairs.  The first action to commence a Probate proceeding is to file a Complaint which attaches the Last Will & Testament of the deceased and lists all assets and liabilities of the deceased.   There are no secrets.  All affairs are to be open to the public as is the entire Probate file, in part, to ensure that creditors, and potential creditors, remain on notice of your assets and liabilities in order to be able to make claims against the estate.

            If your planning included a $1 million life insurance policy payable to your spouse, all financial predators will know that your grieving spouse just became a millionaire through a simple review of the very public Probate files.  Rather than grieving you, your spouse may grieve the fact that time and effort must be spent battling bad actors.

            Many clients place privacy of their affairs among the most important concerns in estate planning.  Complete privacy may be achieved and the entire Probate process avoided through use of a Living Trust.  A Living Trust is a contract which remains private.  Distributions from a Living Trust remain equally private.  Assets are distributed with no knowledge by others.  Your affairs are not disclosed.

            To maintain your privacy, avoid distributions through the Probate process and use a Living Trust to address your estate.   Reach out for Estate Planning Attorney Michael Geiger at (901) 219-5549 or at michael@geigerattorney.com.