Newport Beach Estate Planning Attorney Courtney Glickman discusses the Importance of Trust and Estate Planning:
Robin Williams’ tragic passing last week has been shocking for his fans and of course painful for his loved ones to endure. Yet according to early reports, unlike the majority of other celebrity deaths featured on the news, Williams’ took care of making sure that his estate plan was in place and current. This will surely help spare his heirs lots of distress and costs.
William’s had a trust in place to protect the majority of his assets. As opposed to having only a will this will not only help to avoid the probate system, but also allow distributions to his heirs to be taken care of out of court and kept private. Celebrity estate plans often get magnified as errors get publicized by playing out in court. Even though a lot of estate planning clients aren’t celebrities, you must still always be careful to avoid unnecessary errors in these delicate estate planning documents. Thankfully, it appears that William’s will not have this issue. He took care of business by setting up a trust to make sure that his family estate is kept out of the public eye.
Having a trust may also be right for you. Not only does it allow your assets to avoid the probate system, and be handled outside of the court, it keeps your estate and distributions private. While this may seem like a necessity for celebrities it can also be for you too. When you have an effective estate plan, it will preserve your loved ones from having to go through unnecessary stress and financial burden. In addition, creditors and the creditors of love ones inheriting from your estate will also be kept in the dark on such matters and therefore prevent them from hassling you. All around, an estate plan is just a sound decision.
Although it is always sad to hear of the death of a person, famous or not, there are lessons left behind. Here, we learned that getting your affairs in order can spare your loved ones extra stress, cost, and humiliation. In a time as difficult as death, this is the least we can do while we are still here.