The death of Robin William came as a shocking news to his fan and the entire world. Nobody expects a person who appears to be as happy as his characters to be gone so soon. The loss is tremendous to the world, but even more so to his family. Come with the pain and the loss is the unavoidable question of how his real estate will be distributed. According to some reports, Robin William has set up at least one revocable trust so that his family will not have to go through a lengthy probate.
The entire process remains private with a revocable trust
Often celebrities live their lives under endless attention and scrutiny from the public. The attention doesn’t stop at the time of their death. Some high profile celebrities neglect to prepare proper estate planning and by doing so, cause quite a lot of troubles for their loved ones. Robin Williams is not one of them. He has transferred the majority of his estate into a revocable trust. By doing so, Williams has avoided much complication and tax liabilities for the family.
Most people assume that wills are enough for the transferring process. However, a will is subject to probate, which makes the entire process a matter of public record. Celebrities, who certainly attract intense scrutiny from the media, will often want to avoid this. In case of Robin Williams, the details of his trust will most likely remains unknown to the public.
Not only that, a probate is often quite troublesome, especially when a large sum is involved. The state of California, home of Robin Williams and many other celebrities, is also known for having a very complicated and lengthy probate process.
This is the reason why many celebrities, including Williams, choose to have their assets transferred to a trust and avoid the probate process entirely. This way, trust documents and other information related to their estate will never be disclosed as public records.
Is a revocable trust the right solution for you?
Often people think of trust as solution for high-profile, wealthy individuals. However, a revocable trust can be quite affordable comparing to the costs and fees involved in the probate process or in case of a will contest. Not only celebrities, but regular people might also want to keep the distribution of the wealth a private matter for certain reasons. Many others also want to make changes to their trust when their family situation changes, for example in case of birth, marriage or divorce. Changes can be made much more easily for a trust than a will.
If you find yourself wanting privacy, adaptability, or affordability, a revocable trust is the right solution. Contact a living trust expert at Heritage Living Trust today to learn more about this solution and start planning for your family future.
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