The passing of movie icon Burt Reynolds brings to light how certain estate planning techniques differ as they unfold. Selecting a revocable trust – versus only a Will – as Burt chose to do for the benefit of his son, Quinton, has its advantages. One that’s highlighted in the current stories about Burt’s passing is privacy. A simple Will is part of the probate process and its terms are public. On the other hand, the terms of a revocable trust are private and confidential. Just as important (and maybe more so in a world where digital crimes are more prevalent), the assets that were titled to the trust during Burt’s lifetime will pass to his beneficiaries without becoming part of a public inventory. This is another reason that many of our clients choose this same type of plan that includes a revocable trust.
Our experienced team of legal advisors is here to help guide clients through the options.
** The information contained in this communication is not intended to constitute legal, accounting or tax advice.