How Trusts Protect Your Privacy in Kane County

 Posted on December 30,2021 in Divorce / Family Law

When a will is filed with the probate court, it becomes public record. Anyone who so wishes can view the contents of a will once it has been submitted to probate. This means that everyone from a disinherited relative to your beneficiary’s creditors can see to whom you have left money or property - as well as how much or what assets. This can sometimes place beneficiaries in an uncomfortable or legally risky position should someone seek to contest the will. By using a trust, however, you can keep your family’s inheritance private. A qualified estate planning attorney can give you more information about protecting your family’s privacy and preventing conflict by using a trust.

Who Can See My Trust Documents? 

It is only when a will is filed in a probate court that it becomes public record. Unlike a will, a trust does not need to be filed in any court. There is ordinarily no judicial involvement needed when a trust is used for testamentary purposes. Under normal circumstances, the only people with access to view your trust document should be your named beneficiaries, your successor trustee, and others you have elected to involve in the management of the trust.

How Does Privacy Prevent Conflict?

It is very difficult to bring a challenge against a document you do not have access to. A disappointed survivor can examine a will itself in an effort to find some shortcoming that could provide a ground for dismissing the will. However, a survivor who feels snubbed cannot even see the trust and may have a much more difficult time contesting your estate plan.

What Other Reasons Might People Want Privacy in Their Estate Plans?

The reasons some people prefer to have their estate handled privately are diverse. Some families simply prefer to keep their financial affairs to themselves. Others wish to leave a gift to someone without making it publicly known.

Those who are using trusts at least in part to provide for themselves during possible future incapacity may also benefit from the privacy offered by trusts. Trusts can be used in conjunction with incapacity planning tools like powers of attorney and living wills to help the grantor keep his affairs private in the event of future disability.

Regardless of your reasons for seeking the privacy a trust can offer, you will want to work closely with a skilled estate planning attorney to ensure that you will accomplish your goals as best as possible.

Call a Kane County Estate Planning Attorney

If you would like more information on how a trust could benefit you, Loire Krajniak Law, LLC would be happy to discuss your goals and options. Our experienced Geneva estate planning lawyers will create a personalized trust that meets your unique goals. Call 630-448-2406 to arrange a consultation today.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=4001&ChapterID=61