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Robin Williams created revocable trust for assets

Robin Williams fans in New York might be interested to know that his family could be spared the ordeal of going through probate for certain assets. When someone leaves a will, probate courts verify the document and still make decisions regarding the execution of the deceased person's estate. Court records can reveal specifics of a person's estate that families might like to keep private. Since Williams set up at least one revocable trust, probate might not affect certain aspects of the late actor's estate plan.

Revocable trusts offer a range of benefits that wills do not, but they may cost more to create initially. Savings might offset this cost after the documents are established, however. Modifying terms of a revocable trust is a more informal endeavor than making changes to a will. There are many reasons one might wish to change the terms of a trust, including getting married, having a child or getting divorced.

People can also set conditions upon inheritances with a trust. Like Williams, someone could put assets aside for their children in a trust and mandate at what age each child receives all or some of their inheritance. However, trustee must be found to manage the assets before and during their distribution. Another thing to remember when establishing a trust will not do any good unless assets get transferred into it. For people who do not wish to transfer assets into a trust during their lifetime, they can put a testamentary trust in their will. This action ensures that assets go into the trust upon someone's death.

Estate planning can spare one's family unnecessary stress and intrusion into their privacy. Developing such a plan might be made easier with consultation with a lawyer.

Source: Daily Finance, "Robin Williams' Estate Plan Spares His Heirs a Lot of Drama", Dan Caplinger, August 14, 2014

Source: Daily Finance, "Robin Williams' Estate Plan Spares His Heirs a Lot of Drama", Dan Caplinger, August 14, 2014

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