Creating a living trust in Michigan, as stated in my previous post, has the added advantage of keeping family affairs private. Using a will based estate plan in Michigan is a public process that must go through the probate court system.
Evel Knievel is the most recent celebrity to fail to use a trust, therefore his will became public record. Trust and Estates Magazine recently had an article discussing his will (which never would have happened had he created a revocable living trust).
The reason they could write about his will is that it went through the probate system. In his four page will he left most his estate to his newest ex-wife, cutting out his ex-wife to whom he was married for nearly 40 years. Additionally, his son Robbie was also cut out in favor of the newest ex-wife.
However, she is not necessarily going to inherit a huge estate. Just like the Michigan probate system, creditors, loans, and past judgments must be paid. Evel's estate looks to be on the hook for over $14 million in judgments and loans owed.
Evel Knievel is the most recent celebrity to fail to use a trust, therefore his will became public record. Trust and Estates Magazine recently had an article discussing his will (which never would have happened had he created a revocable living trust).
The reason they could write about his will is that it went through the probate system. In his four page will he left most his estate to his newest ex-wife, cutting out his ex-wife to whom he was married for nearly 40 years. Additionally, his son Robbie was also cut out in favor of the newest ex-wife.
However, she is not necessarily going to inherit a huge estate. Just like the Michigan probate system, creditors, loans, and past judgments must be paid. Evel's estate looks to be on the hook for over $14 million in judgments and loans owed.
If Evel had executed a trust based estate plan, we would not know all the details of his estate.
While most people will not have reach the celebrity level of Evel Knievel, many wish to keep their most private end of life affairs out of the public spotlight.
If you wish to keep your end of life affairs private and want to learn more about living trusts in Michigan, contact our office for futher information.
You need a subscription, but you can read the article here: http://subscribers.trustsandestates.com/estate_planning/estate_high_flyer_1101/
-Christopher J. Berry, Esq.
While most people will not have reach the celebrity level of Evel Knievel, many wish to keep their most private end of life affairs out of the public spotlight.
If you wish to keep your end of life affairs private and want to learn more about living trusts in Michigan, contact our office for futher information.
You need a subscription, but you can read the article here: http://subscribers.trustsandestates.com/estate_planning/estate_high_flyer_1101/
-Christopher J. Berry, Esq.
