LACK OF PRIVACY Probate is a public process, and all documents and proceedings become part of the public record. This lack of privacy can lead to unwanted scrutiny and potential disputes among family members. NO CONTROL OVER THE OUTCOME During probate, the court has significant control over the estate’s administration which may not align with the deceased person’s specific wishes or the best interests of the beneficiaries. Why Do I Need A Trust If I Have A Will? A will is simply a document that provides details to the probate court on how you wish your assets to be distributed. It is a common misconception that having a will allows your estate to avoid probate. With a will, your loved ones will still incur the expenses and have to undergo the process of probate administration. A revocable trust allows you to maintain full control over your assets during your lifetime, while achieving probate avoidance upon your passing. MDRN Capital generally recommends the use of a trust with a pour-over will, ensuring that any remaining assets automatically transfer to the established trust upon death. How Often Should I Update My Estate? It’s essential to regularly review and update your estate plan to reflect life changes, such as marriage, birth of children, or changes in financial circumstances. We recommend that you confirm that the details of your plan match your desires at least annually. Whose Guidance Should I Seek When Completing My Estate Plan? Estate planning is the ultimate financial planning exercise, which is why it’s so critical that families work alongside an experienced team when contemplating and documenting key decisions. At minimum, that team should include at least one experienced attorney. If a family works with a financial advisor, it is advisable to include that professional in estate planning conversations to aid in strategizing to develop a comprehensive strategy to meet a family’s goals.
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