Recently, the world lost revered comedian and actor Robin Williams. This year alone, many celebrities have passed away, leaving their assets to their families and friends. While some had trusts and had done proper estate planning, others were not so prepared and their assets quickly became public knowledge.
The residents in Salt Lake City can learn a lesson or two from these tragic deaths. Robin Williams believed in trusts because he wanted his children to be financially secure after his death. His use of trusts also allowed for his assets and their distribution to remain private, unlike Phillip Seymour Hoffmanâ€™s.Â When Hoffman died, all he had was a will-based plan, which meant that everyone and anyone knew which assets he had, how much they were worth and to whom they were distributed. Itâ€™s likely that many of Hoffmanâ€™s assets are still going through probate, something that Williamsâ€™ family did not have to deal with.
At York Howell, there is a trustworthy team of lawyers ready to help all Salt Lake City residents with their estate planning needs. The time to prepare for the future is now, so take the right steps and help ensure your childrenâ€™s financial security and stability before itâ€™s too late.