Trusts Offer Privacy During Probate
Elizabeth Taylor recently passed away with an estate estimated to be worth anywhere from $6 million to $1 billion. Radaronline, an internet based tabloid, has obtained the Notice to Creditors filed with the Superior Court of Los Angeles. This document gives creditors notice that their client has passed away, allowing creditors the opportunity to file a claim against the estate requiring that payment be made before assets are distributed to the beneficiaries. The court filings reveal that Elizabeth Taylor’s trust was created June 23, 1998, a few months after she experienced a number of medical issues and underwent hip replacement surgery. Although information like this has been made public, tabloid sites such as Radaronline cannot obtain a complete copy of the trust from the court because the trust, unlike a will or the Notice to Creditors, does not become part of the public court file in California. Thus, the trust not only helps Elizabeth Taylor’s estate avoid probate, it also offers anonymity and privacy to Ms. Taylor and the trust beneficiaries. The privacy offered by trusts is an additional benefit that should be considered when determining the appropriate estate planning vehicles to use.
If you are interested in learning more about the probate process or how a trust might fit into your estate planning needs, please contact San Jose Probate Attorneys at Lonich Patton Erlich Policastri, LLP. Please remember that each individual situation is unique and results discussed in this post are not a guarantee of future results. While this post may include legal issues, it is not legal advice. Use of this site does not create an attorney-client relationship.