A living trust lawyer at Parman & Easterday can provide assistance with the trust creation process so you can create a trust that will provide benefits and protections to your heirs or beneficiaries. There are many advantages associated with the creation of a trust, but one of the most important benefits is that a trust will provide you and your family with much needed privacy.
Parman & Easterday can help you understand the advantages of creating a trust and provide assistance with all aspects of the trust creation process to ensure you make a legally valid trust document and receive the protections you were expecting. To find out more about the ways in which we offer you personalized assistance, give call us today.
How a Living trust Can Help to Protect Privacy
A living trust provides strong privacy protections during the course of the trust creator’s life and after his or her death.
When a living trust is created, the trust creator will choose a backup or “successor” trustee. The successor trustee will be given the authority in the trust to assume the management of trust assets if the trust creator becomes incapacitated and is not able to manage trust assets on his or her own any longer.
This helps promote privacy because the successor trustee simply begins managing the trust assets with minimal delay. If there wasn’t a trust or any other incapacity plan in place – such as financial and health care powers of attorney – concerned family members would likely have to go to court to seek authority to act on behalf of the disabled trust creator. A hearing would be held to determine capacity and personal information about the incapacitated person’s mental state would be shared publicly and openly. Many people would prefer to maintain their privacy under these circumstances, rather than having their problems discussed in open court.
If the court needs to appoint a guardian or conservator to manage trust assets because the trust creator is incapacitated, the court will require regular reports from the guardian to make sure assets are being used responsibly. This is another example of how privacy is eroded because of the lack of a trust. A successor trustee doesn’t have to submit to this court oversight unless there is a problem, such as an accusation of breach of duty. This means there isn’t any third party involvement in the managing of trust assets.
A living trust also helps protect privacy after the trust creator has passed away. The assets in the living trust will pass through a private trust administration process instead of through a public probate. Trust administration is handled by the trust administrator and, unless there is a problem, it is done privately, less expensively, and entirely outside of the courtroom.
Because the trust administration process does not involve going to court unless a problem arises, details about the estate assets and who will inherit them can be kept private and not a matter of court record. Many people prefer the details about the wealth they are passing on, or their chosen heirs, not become part of the public record.
Getting Help from a Living Trust Lawyer
Privacy is one of many protections and benefits that a living trust provides to trust creators and those who stand to inherit from a trust. There may be other benefits specific to your situation. You should reach out to a living trust lawyer at Parman & Easterday to find out what a trust could do for you.
To get personalized help with all legal issues related to trusts, give us a call today at (405) 843-6100 or contact us online. You can also join us for a free seminar to find out more about how a trust could benefit you. Reach out now to our compassionate and knowledgeable attorneys for assistance and advice.