Robin Williams’ death was a tragedy, no question about it. He was a brilliant and generous man who touched millions of lives with his sense of humor, and he’ll be sorely missed.

However, in the midst of this tragedy, there is a silver lining for his family, and that’s the fact that he had established a living trust. His estate-planning efforts should pay off for his family, which means they’ll have one fewer thing to worry about while they’re grieving.

How the Trust Works

How does it all work? Basically, rather than relying on the will as a document to convey your wishes and name the beneficiaries of your estate, you can do the same thing with an entity known as a revocable trust. This gives you the benefit of discretion, as the trust document is private, while a will is a public document that’s subject to court and public scrutiny.

The trust also allows you to disperse your assets over time according to your wishes. It saves a great deal of time and money when you can avoid probate as well.

Just remember, you need financial accounts and assets actually transferred into or opened in the name of the trust for it to do any good! This is a common mistake. Fortunately, Morton Law is here to help you avoid mistakes, common or otherwise.

Given the fact that Robin Williams had three different marriages and many children, solid estate planning was an essential step. It’s good to see that he was on top of this!

In contrast, the estates of celebrities like Michael Jackson and Anna Nicole Smith were far from perfect, leading to protracted battles and feuds. It’s a mistake to assume that your estate, or that of your loved one, isn’t substantial enough to benefit from good estate planning.

Take these lessons to heart, as they’ll make your or your loved ones’ estate planning more effective. In the meantime, pause for a moment to remember Robin Williams. He was one of the best.

~ Ronald Morton