Redmond Office Law Blog

As we continue to hear about Michael Jackson’s estate and all of the publicity that it is receiving, many of us realize that we would not want our personal affairs to become public knowledge.  Although we would not be publicized in the same manner, the thought of friends and family being able to walk down to the Probate Court to obtain a copy of our Will and/or a list of our assets concerns many of us.  It is important to continue to inform individuals that a simple Last Will and Testament is merely a guideline for the Probate Court.  It identifies for the Court who will serve as the Personal Representative of your estate and how your assets will be divided.  As part of the Probate process the Personal Representative must list all assets that you owned including your home, investments, bank accounts, personal property and/or business interests.

Many of us would like to keep this information private and only make that information available to the beneficiaries who we have designated in our estate plan.  If keeping your final affairs and the assets that you pass on private is important to you, then a Living Trust is necessary.  A Living Trust allows you to identify a Trustee who will serve at the time of your death.  The Trustee will provide the division and distribution of your assets to only the beneficiaries identified in the Trust.  If a family member is not designated in the Trust, the Trustee is under no obligation to provide that family member with a copy of the Trust or identify any of the assets that you owned at the time of your death.  It keeps your affairs private and it keeps family out of your business.