Plain and Simple: Bright Business Insights Winter 2019 | Page 10

ESTATE PLANNING: PRIVACY, SECURITY & TRUSTS
Protect Your Family and Business Your Way
You make decisions every day to help you maintain a certain level of
privacy and security. Some decisions are simple, such as remembering
to lock the front door or draw the curtains at night to protect you and
your family from strangers or prying eyes. Other decisions, however,
are more complex and require you to observe your objectives at a
higher level while embracing a long-term strategy.
Most people are familiar with the benefits associated with drawing
up a last will and testament. This powerful document continues to
be essential for those looking to have some say over their estate after
death. But it’s important to note that the terms and the details of any
assets outlined in a will are generally public record through the probate
process. However, if you want more control over your family’s right to
privacy and security, a trust might be more up your alley. You see, with
a trust, the terms and details of any assets don’t become public record.
This point is particularly favorable among those who would like to
keep the details of their estate under wraps.
What is a Trust?
For estate planning purposes, a trust is a legal entity that is established
for the purpose of holding, safeguarding, distributing and controlling
an estate’s assets. Your specific trust will be unique and will take your
needs and objectives into consideration. For example, some trusts can
be set up to function while you are alive and others can be put into place
to manage your assets after you’ve passed. Additionally, some trusts
can be changed, and others are considered irrevocable – meaning, once
the ink dries, it cannot be changed.
Why Establish a Trust?
One of the greatest ways a trust can help you protect your family’s
privacy while maintaining the security of your hard-earned assets
is by ensuring that your assets avoid the probate process. For most
Americans, probate is just the natural (and necessary) next step in the
progression of one’s life – or, rather, death. Regardless of whether a