How Private is a Trust?

Have you put together a will for your estate plan? Depending on your personal goals and the kinds of assets you have, this may not be enough for estate planning purposes. Working with a New Hampshire estate planning lawyer is one way to add some privacy to your estate and to remove the bulk of your planning from the public eye in probate court.

One of the leading reasons for using a trust for estate planning or asset transfer purposes is to increase your level of privacy. When you pass along assets inside your will, this can quickly become a matter of public record. This is why it is very challenging for many people to accomplish all of their estate planning goals and keep them private with traditional methods alone.

Consulting with an experienced and knowledgeable estate planning lawyer may help you determine that a trust is an appropriate estate planning strategy. It is very important to identify an estate planning lawyer who is familiar with various kinds of trusts to help you through this process. When creating a trust, you may choose a nondescript name that makes it difficult for other people to identify that the trust belongs to you. You can name a professional trustee or an attorney in the in the trust.

There are many different types of options for administration of a trust too, and these alternatives can trigger various legal and tax consequences. Using an anonymous LLC is another way to help shield your identity from being disclosed as a member or as a manager. If privacy is one of the biggest concerns in your estate plan, share this with your estate planning attorney to discuss options for strategic planning in line with these needs.