Will vs. Revocable Trust; Why Burt Reynolds Chose to Exclude His Son from His Will?

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.