Robin Williams Chose to Use a Trust. Should You?

The recent passing of beloved actor Robin Williams has shed light on the importance of having an estate plan in place. With three different marriages and three children, Williams' estate could be considerably complicated. However, Williams opted to utilize a revocable trust for his estate, allowing him to cut down on confusion and clearly dictate what his beneficiaries would receive.

Benefits of a Revocable Trust

Regardless of wealth or celebrity status, a trust provides some crucial benefits to people from all walks of life.

By setting up a trust, you can enjoy the following:

• Privacy
• A plan in place for loved ones
• Avoidance of a probate
• Peace of mind

Avoiding a probate means that the court will not be involved in the distribution of trust-held asserts. The successor trustee will follow the terms of the trust to completion without court-supervision.

A trust helps create a detailed plan for the family of the individual. Robin Williams was able to ensure that his three children and current wife are adequately taken care of in the terms of the trust. The trust maps out what they will receive and at what point or age they will be able to receive it.

Williams was able to divide his estate into a few trusts. His two homes, valued at $25 million, were held in one trust. Another trust was established after his second divorce to benefit his children.

How Will Based Estate Plans Vary

In contrast, a will-based estate plan leaves the amount of the estate and who it belongs to open to the public. In a state like California, the court proceedings are likely to take extended periods of time, often surpassing six months. The estate assets are blocked off, meaning that family members cannot access them, even if needed for daily expenses.

While a will is cheaper in terms of initial costs, the probate and additional legal fees that occur after a death can be even more costly.

Seeking an attorney to help set up a revocable trust for your family?Check out our directory to find an experienced estate planning lawyer.