Estate planning often involves revealing sensitive personal information. This may include details about your financial status, family relationships and future plans. In New Jersey, you may wonder how to keep these details private while still creating a comprehensive estate plan.
Achieving privacy in your estate planning process involves careful planning and making use of the right tools. Here are some strategies you can use to preserve your privacy while you plan for the future.
Maximize the use of trusts
Trusts are a popular tool in estate planning and they are useful in preserving privacy. When you set up a trust, you transfer your assets to the trust and management of them to a trustee for the benefit of your chosen beneficiaries. Because the trust owns the assets rather than you personally, they do not go through probate, a public process. This means the details of your trust assets and beneficiaries are not part of the public record.
Keep real estate holdings confidential
In New Jersey, when you buy real estate, the transaction becomes part of the public record. To keep your privacy, you could consider holding real estate in a trust or limited liability company. This can keep your personal name off public real estate records.
Manage your digital assets
Digital assets can range from social media accounts to online bank accounts. Create a plan for these assets that respects your privacy. You could include instructions for how you want these accounts handled, including closure, in your estate plan.
Maintaining your privacy while estate planning in New Jersey is possible with careful planning and understanding. The key lies in being proactive and considering all aspects of your estate.