Each person has his or her own ideas of what to include in an estate plan. For many, utilizing trusts can offer them the privacy and asset protection they desire. This planning tool may not be as obvious as creating a will, but it can benefit California residents looking to make their plans.
It was recently reported that late actor Burt Reynolds utilized a trust to address his estate assets. Information regarding his will was recently reported, and it stated that Reynolds intentionally left his son out of the document while appointing his niece as executor of the estate. However, the omission does not appear to have been done out of malice. The will also states that his son has been provided for in a trust.
The report went on to state that Reynolds’s niece will also act as trustee. It has been assumed that the trust contains the majority of his assets because none of his property was addressed in his will. Of course, due to the privacy that trusts offer, it is not entirely clear what the particular trust he created may include or offer its beneficiaries.
Individuals looking to create a comprehensive estate plan that can protect assets may want to look at trusts more closely. These planning tools may seem complex but they can offer a great number of benefits. California residents interested in this planning tool may want to speak with knowledgeable attorneys about how to use this option and whether it could suit the needs of their particular estates.