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Helping You Navigate Complex Legal Issues

Solving posthumous privacy concerns through a revocable trust

Gregory A. Lang

Many of the Hennepin residents that have come to us here at the Lang Law Office are concerned about protecting their privacy. If you do not want the whole world to know of your assets and how you have chosen to bequeath them once you are gone, then you may be searching for a financial vehicle that will offer you a degree of discretion. You may find that in a revocable trust.

A trust differs from a will in many ways. First, where a will simply states how you want the assets of your estate divided, a trust is an actual asset management tool in which you have transferred authority over assets to a trustee. The terms of the trust can even be enacted during your lifetime, allowing the trustee authority to handle the payment of your utilities or medical expenses. When applied in these terms, it’s often referred to as a living trust.

Upon your death, having a will does not mean that your estate will not be probated. If you own real property in Minnesota, or personal property in excess of $50,000, your will must go through the probate process. Probate courts are public courts, meaning that the elements of your estate become public record during probate hearings. Anyone who would like to can access this information.

However, according the website for the state Attorney General, the details of any property included in a trust, as well as information regarding its disbursement after your death, are known only to your beneficiaries. The trustee will also know, yet state regulations prohibit him or her from sharing any of that information with any parties not related to or involved with the trust.

For more information on the benefits of trusts, please browse through our site. 

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