Legendary singer Aretha Franklin reportedly did not put together a will before she passed away, which experts warn can create stress for beneficiaries and even burn cash. MWE Partner Amy Joyce spoke to Fox Business about what everyone should know about wills and trusts – and the consequences when you have no plan in place.
One reason wealthy or famous people often put off creating a will is that they don’t want to have their information made publicly available.
A trust, on the other hand, will divvy out assets over time and keep your information completely private.
If you choose to create a trust, it is often prudent to still write a will as a “catch-all,” Amy Joyce, partner at Margolin, Winer & Evens, told FOX Business. This is because things like jewelry often aren’t accounted for in a trust, and can go overlooked.
However, there is still a way to maintain your privacy and use this strategy. Joyce said by writing a short will stipulating that all your assets be transferred to the trust, you can cover your bases. Read more>>