When you write a document like a will, you probably expect it to be private. A will is private, for a while. Yours will eventually become public record though. If you want your end-of-life plans to be a bit more private, there may be some steps that you can take to keep some of this information out of the public record. A Washtenaw County wills attorney from our firm can help you learn more about your options and what you can do with an estate plan.
When and Where Do Wills Become Public Record?
A will becomes public record when the person who wrote it, also known as the testator, passes away. After someone passes away with a will in place, their assets go through the probate process and have to be passed on to the selected beneficiaries. This involves the court, so that means that court records are created.
So if somebody knows that someone has passed away with a will, they can look for records about it. They just need to know the county where the testator lived and there has to be proof that they passed away.
Do All Assets Go Through Probate and Become Part of the Public Record?
Not all assets have to go through probate though. Certain items can be passed on to heirs in different ways. Some good examples are:
Your home: If your house or any other property has a co-owner, like your spouse, then this is considered a “joint tenancy.” If you pass away and your spouse is still alive, then the property just goes to them. Probate is not required.
Accounts with beneficiaries: Many types of bank accounts, including retirement accounts, allow you to name a beneficiary who would be given the account if you pass away. Life insurance policies function in this way as well. There’s no need for probate; the policy just pays out to your selected beneficiary or beneficiaries.
Transfer/pay-on-death: Some assets can automatically transfer to another person when you pass away, no will required.
Can Setting Up a Trust Protect My Family’s Privacy?
If you really want to keep all of your business private though, the best option might be a trust. Assets in a trust do not have to go through probate. This means that you can help your family avoid this process and stop the details of your estate plan from entering the public record.
There are many types of trusts that you can set up, so our estate planning lawyers can advise you on your choices. You can even establish trusts that allow you to transfer some assets to your heirs while you are still alive.
Schedule Your Estate Planning Consultation
When you are ready to develop an estate plan of your own, don’t do it by yourself. Contact Collis, Griffor & Hendra to schedule a consultation and find out more about your options. Our lawyers can help you make a plan that helps you safeguard your assets and pass them on to your beneficiaries.
