Privacy protection benefits in a living trust
In today’s digital world, so much of your personal information is out there and available for public viewing even by people doing basic online searches. Perhaps you are wondering how you can add another level of privacy protection to your life. For any public figure, an extra level of security is especially important because breaches of their privacy could be embarrassing, but, more importantly, could compromise their security and that of their families.
One of the benefits of a living trust as a part of your comprehensive estate plan is that it can add that extra layer of protection. A living trust is a separate legal entity that is created by the grantor to “own” assets, such as homes, other types of real estate, and investment assets. If the trust is revocable, you can change it or revoke it at any time during your life, and you maintain control over the trust’s assets while you’re alive.
You will also designate an individual or entity to be your administrative trustee who will distribute the assets in the trust to your designated beneficiaries as per your wishes. The administrative trustee can also take over the management of the trust should you become incapacitated.
Keeping your records private
How is protecting your privacy one of the benefits of a living trust? A revocable living trust is able to protect your privacy as well as that of your family because, at death, your trust affairs are not made a matter of public record. In other words, the assets in your trust will not have to go through the probate process.
As a result, the value of your estate, the contents of your estate, and the identity of your beneficiaries are all kept out of the public record by creating a living trust. Prying eyes will have one less avenue to use when trying to discover your personal as well as financial information.
Secure your estate today
You don’t have to be one of the uber wealthy or a prominent public figure to want to protect your privacy. Setting up a living trust can help you do just that in order to keep your finances as well as those of your family private.
If you have questions about a living trust or including it as part of your estate plan and want to learn more about protecting your privacy, you can speak to us anytime by call, email or in person. The Law Office of David W. Foley, living trust attorney in San Diego, specializes in creating comprehensive living trusts of the highest quality for our clients in the San Diego area as well as throughout California.