When people are in the process of how to handle their assets during their lifetimes and after they die, many may benefit from considering setting up a trust. Trusts can be valuable tools to use in estate planning, as they have a number of benefits.
Robin Williams' death affected people all over the world. However, New York fans of the late comedian and actor might be interested to learn that Williams had his affairs in order. The father of three established at least one revocable trust to handle the management of his assets, which could ensure that his heirs receive their inheritance according to the late actor's wishes. Williams left behind three children, two ex-wives and a current spouse.
As New York residents seek information about estate planning, they may wonder why so much attention is given to living trusts. According to experts, these tools for estate planning may not avert all possible financial problems for survivors nor protect prized assets from being distributed differently than intended, but they may enable benefactors to address delicate situations with a level of privacy not afforded by the probate process that a will requires.