Keep your affairs private with an Estate Plan that protects your estate from public record snoopers.
- Probate is not private; it makes your estate a matter of public record
- Charities, Will challengers, and financial predators can all target your estate if they find out it is in probate
- The best way to protect your estate from public probate is with a Trust
Most people think of probate (the process of collecting, managing, and distributing a deceased person’s money and property) as a private process. However, because Wills are filed at the courthouse, probated estates become a matter of public record. That means your nosy neighbor Nellie can simply go down to the courthouse or hop online and find out about your probate. Yes, really.
It’s not just Nellie who has access
After a death, most states require that whoever has possession of the deceased person’s Will must file it with the probate court — even if there won’t be any probate court proceedings. While Nellie may be an annoyance and have no reason to view the information other than curiosity, others can get access to your public records and make your beneficiaries’ lives miserable.
For example, any of these interlopers could cause trouble for your heirs:
- Financial predators: While today’s digital world is convenient, it’s also dangerous. Financial predators can find ways to access sensitive personal information online. Since courts are part of a bureaucratic process that often moves slower than a glacier, months can elapse before anyone — including the court — realize your beneficiaries have been swindled.
- Charities: Even the most well-meaning charities can become an annoyance when money is considered “up for grabs.” This is especially true in an estate situation when those inheriting assets want to do the right thing and honor their loved one.
- Will challengers: Since a Will that is filed with the probate court becomes a public record, anyone who believes they have an interest (valid or invalid) can access the document and challenge the Will. This can result in added costs and time defending the Will from what could amount to frivolous claims.
Avoid the “Nosy Nellie” factor with a Trust
Trusts are never filed with a court, either before or after your death. Probate courts are not involved in supervising your Trust administration, so you can avoid intrusions by busybodies and predators by creating a Trust. While some state laws require a total or partial disclosure of information regarding the Trust to beneficiaries, it is still the best way to keep your legal affairs private. Did you hear that, Nellie?
Let eLegacy help you create an Estate Plan to avoid probate and keep your family and financial affairs private. Contact us today; we are available to speak with you via telephone or through video conferencing if you prefer.