The tragic death of comedian Robin Williams has received widespread media attention, but it appears that his heirs will have the consolation of knowing that he set up a solid estate plan to ensure that his affairs were in order before his passing.
Preliminary reports indicate that Williams used at least one revocable trust for his estate planning. A revocable trust is an estate planning document that is sometimes called a living trust, a loving trust, or inter vivos trust. Like a will, it provides a way to distribute your property upon your death. However, it also has the benefit of authorizing the trustee to be able to manage your assets and use them for your benefit if you were to become incapacitated and unable to take care of your own affairs.
Revocable trusts are preferable to wills in many cases because they are not subject to the probate process. In California, the probate process can be especially long and complex. With a revocable trust, assets can be distributed quickly and efficiently.
Williams had been married three times and had children from two different marriages. A revocable trust is particularly effective in helping to provide for changing circumstances such as these, since it can be changed as needed without the same level of formality that a will entails.
Revocable trusts also help protect one’s privacy because the public is not allowed to see the trust document. In this case, this privacy will be much appreciated. Since her father's passing, daughter Zelda Williams has already been forced to endure cyberbullying via her Twitter account. With the revocable trust, the details of her family's financial affairs will be protected from public scrutiny.
For people of more modest means, the higher upfront cost of setting up a revocable trust can be intimidating. However, the cost of preparing the trust documents can often pay for itself. After your passing, your heirs will not need to hire an estate planning attorney or be forced to pay probate-related court costs.
How Can We Help?
If you would like more information about how to set up a revocable trust, please call our office at (626) 683-8113 or email us at info@PasadenaLawOffice.com. Our Pasadena family law law firm will ensure that your interests are protected no matter what the future holds.