The deaths of celebrities Phillip Seymour Hoffman and Robin Williams illustrate the differences in using a will as opposed to trusts when making an estate plan.
A story in Florida Today pointed out why trusts are likely better than wills, especially if you are rich and famous.
Williams planned right, the story says.
While he had a messy life, with three marriages and three children from his first two marriages, he believed in trusts. They provide privacy, the ability to avoid probate and the ability to plan for your family.
For this reason, we really don’t know all the details of Williams’ estate plan.
Hoffman, by contrast, had a will-based plan.
His heirs are still most likely going through probate even though he died six months ago. That means his loved ones are probably having a tough time getting their hands on money to pay bills, the story says.
If you have estate planning questions, feel free to call us for a consultation at (626) 696-3145.
