A Legal MinutePrivacy & public records
Why Trusts Offer More Privacy Than Probate
The short answer
Many people set up a trust for privacy, because a properly funded trust can help keep a family's personal and financial matters out of probate court. Funding means actually getting assets into the trust; if that is not done, a probate may be needed, and hopefully there is a pour-over will.
From the full episode Privacy in Arizona Probate: What Becomes Public (17:49).
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Transcript
Anybody has concerns about privacy and that's a big, big concern of yours, and even though it's like, "Hey, I just don't want this on the record." Go in, get your trust done here in Arizona, make sure you funded it, which means make sure you get everything into your trust, because if you don't, then we have to do a probate and hopefully there's a pour-over will. That's a whole other thing. I won't go off on tangents.
So a lot of people will do a trust because of the privacy aspect. I know personally, like obviously with what I do, all of my stuff is taken care of, but I would not want my business in the probate court. After what I do in my life, there's other attorneys that know me, there's people that know me. I don't necessarily need them jumping in and seeing what's going on, you know, with the business, my personal assets, my daughter. That's none of y'all's business.
So, for me, that was my biggest motivator. It wasn't my assets. A couple reasons you would go is you have a change in life, marriage, kid, house, go get that done, or privacy.
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