Unless you tap into the living trust privacy benefit, when you die your will, your life and information about your loved ones becomes public.
The process of probate requires making your death and everything associated with the distribution of your estate public. Were you aware of that? Does that bother you? Do you want to protect your loved ones from identity theft?
If you have parents who are going to leave everything to you, do you want to protect your identity?
Living trusts have several benefits. Lets look at the privacy benefit.
As a speaker tapping into the power of the mind, remember to speak to benefits and not features. To someone who is leaving an estate to charity, this would be a feature. If the estate was to be left to loved ones, it could a benefit, but only if it is perceived as such by the audience.
You might be thinking, "Ill be dead, what will I care?" Think about this, what truly loving parent will not protect their family from known dangers if it is in their power to do so?
Would you protect your loved ones from Identity-theft if You could?
When you die and you only have a will, your otherwise quiet and private life can be accessed by anyone. Decedent Tax Returns mentioned in the first issue were obtained by walking into the local court house and researching the files. They only cost 25 cents per copy.
This is all information that is part of the public record. This information that can be accessed includes: Names, Relationship & Addresses Social Security Numbers How much or what items each received (The tape with the name on the bottom of the furniture method of estate distribution rarely works according to heirs who learned the hard way).
No doubt in your love for your family, you devoted your life to protecting them and keeping them safe. As loving parents, you accepted this as a God given responsibility. In today's world, how safe would it be to have information like the above where any Con, Dick, Harry let alone you and I can access it?
This is the perfect fodder for someone who would want to steal identities. Even worse, it has and continues to happen. An aid from the Solicitor Generals office said that it is believed to be the leading source of identity theft in New Jersey.
What day do your children stop being your children. Where have you ever seen a tomb stone inscribed, “Loving parent while alive, could care less now that I’m dead.” You don’t because the love we have transcends death.
If protecting your children from the grave in regards to identity theft is something that would be of interest to you, then you you need to take steps now to insure that your and their information will remain private. You can tap into the living trust privacy benefit by setting up a revocable living trust.
If the risk of your private life becoming public bothers you and you would like to do something about it, then you might be interested in learning more about Revocable Living Trusts. Numerous financial magazine articles talk about privacy they can provide you for a fraction of the cost of probate.
Considering the cost of a trust vs the cost of probate, a small investment can result in dividends beyond monetary value. The living trust privacy benefit not only provide protection from the grave, it could protect your loved ones from identity theft.