• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Thompson Law, PLLC

Estate & Business Planning Attorneys in Sioux Falls, South Dakota

605-362-9100
Estate Planning Attorneys Licensed in Iowa, Minnesota, Nebraska and South Dakota
  • Home
  • Our Firm
    • About Our Firm
    • Client Testimonials
    • Employment Opportunities
    • Our Team
  • Services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Review
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Succession Planning
    • Trust Administration & Probate
  • Español
    • Sobre Nuestra Firma
    • Administración de Fideicomisos y Sucesiones
    • Servicios de Planificación Patrimonial
    • Protección de Bienes & Planificación Empresarial
  • Reports
    • Advanced Estate Planning
    • Basic Estate Planning
    • Estate Planning for Niches
    • Trust Administration
  • Resources
    • DocuBank
    • Elder Law Reports
    • FAQs +
      • Estate Planning
      • Families Without an Estate Plan
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Trust Administration & Probate
    • Newsletters
    • Professional Resources
  • Seminars
  • Contact Us
  • Blog

Basics of Estate Planning: Privacy and Estate Planning

January 5, 2018 by Carolyn Thompson

Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc.

From the dawn of time, humans have been concerned with privacy. In the biblical story of Adam and Eve, the couple sought the privacy provided by fig leaves as they left the Garden of Eden. When species Homo sapiens emerged, privacy was essential to protect against predators. In today’s world, privacy is more important than ever to protect ourselves from the seemingly ever-increasing number and types of predators.

Privacy may be enhanced with something as simple as the primary estate planning tool used. Some people choose a trust and others choose a will as their primary estate planning tool. A trust may have many advantages over a will, such as the ability to provide incapacity planning during life. But, perhaps one of the greatest benefits of a trust is that it can help protect privacy, both at death and during life.

A trust is a private document. By contrast, the other primary estate planning tool, a will, is a public document. If a will is used, it’s like publishing your wishes in the newspaper…or online. In fact, the wills of many public figures can be found online and the wills of countless others are available with a simple visit to your local courthouse. For example, if you want to see the will of Paul Newman, John Kennedy, Marilyn Monroe, Richard Nixon, Whitney Houston, Frank Sinatra, or James Gandolfini, among others, you can simply go here.

A will is subject to probate, which is a public proceeding. Thus, whatever is in the will, including the identity of the beneficiaries, whether the assets were left in further trust, the amounts bequeathed to each beneficiary, etc., are all public knowledge. The public would also have access to the value of the assets left to each beneficiary. It is exceedingly rare for a court to seal a will from public scrutiny. By contrast, a trust is a private document. While it might be released to beneficiaries, it is not released to the general public.

A trust might be useful in protecting privacy for property owned by the trust during life, as well. For example, let’s say you want to buy a piece of property, but you don’t want others to know you own it. If you were to buy it in your individual capacity, your name would appear in the property tax records at the county assessor’s office. Also, your name would appear in the chain of title and could be searched in the “grantor/grantee index” of deeds. However, if you were to contribute money to a trust, the trust would be able to purchase the property. That way, only the trustee’s name and the name of the trust would appear in the chain of title and the property tax records. You could hire someone other than you to serve as the trustee and you could name the trust something that would not disclose your identity, such as the “Main Street Trust.”

If privacy is important, consider utilizing a trust as a way of enhancing privacy and achieving other estate planning goals, as well.

 

— See the original article on AAEPA.com:  Basics of Estate Planning: Privacy and Estate Planning

  • Author
  • Recent Posts
Carolyn Thompson
Carolyn Thompson
Carolyn A. Thompson founded Thompson Law, PLLC. in 2003 in order to create an estate and business planning law firm that helps pass on the legacy, values, and stewardship of its clients. Carolyn has sought out, developed, and trained attorneys dedicated to listening to a client’s life story, including their goals and concerns, and to creating a customized estate or business plan to address the individual circumstances of each client.
Carolyn Thompson
Latest posts by Carolyn Thompson (see all)
  • Many Reasons to Plan - July 17, 2019
  • Clarity is Key to Planning - July 10, 2019
  • ‘Tis the Season - December 11, 2018

Filed Under: Legal Education, Estate Planning

About Carolyn Thompson

Carolyn A. Thompson founded Thompson Law, PLLC. in 2003 in order to create an estate and business planning law firm that helps pass on the legacy, values, and stewardship of its clients. Carolyn has sought out, developed, and trained attorneys dedicated to listening to a client’s life story, including their goals and concerns, and to creating a customized estate or business plan to address the individual circumstances of each client.

Primary Sidebar

News Categories

  • Video
  • Legal Education
  • Estate Planning
  • Event
  • Coffee with Carolyn
  • Estate Planning
  • Attorney
  • General

Sign-Up to Receive Email Updates

Follow Us

  • Facebook
  • LinkedIn
  • YouTube

Thompson Law, PLLC

Thompson Law, PLLC.
5027 S. Western Avenue
Sioux Falls, SD 57108
Phone: 605-362-9100
Fax: (605) 362-9101

Footer

Footer Logo

The information on this website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Privacy Policy | Terms of Service | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

© 2022 Thompson Law, PLLC, All Rights Reserved.