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Health & Fitness

Revocable Living Trusts vs Wills

Lou Reed relied on a will which he signed sometime in April 2012. It was a 34-page will, but a will nonetheless.

The question is, why would someone with assets worth tens of millions of dollars rely on a will, instead of a revocable living trust (at least)?

That’s the question that doesn’t appear to have a good answer.  The New York Post is all over the probate filings in Reed’s estate, breaking the news over what comes in and out, who gets what, and what everything is worth.  Media outlets across the country have picked up these details and released their own stories about the details and value of Lou Reed’s estate.

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This situation could have been prevented if Mr. Reed had used a revocable living trust, and moved his assets into the trust during his life, which would result in all of this personal information being kept private.


Although, normal people don’t have to worry about the press leaking details of their financial status, it is in everyone’s best interest to avoid probate court. On top of being public, it’s also expensive, time-consuming, stressful, and more.  What if there was a conflict and Reed’s sister felt she should get more than 25% of his publishing income or what if Reed’s wife wanted everything?

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Well, it’s much easier to file objections or challenges to a will in probate court, than to a trust which is administered privately, outside of probate court.  Further, it’s much simpler for anyone to leave detailed instructions, with conditions, limitations, and suggestions, in a comprehensive trust document, rather than a will — even if it is 34 pages long.

At the end of the day, Reed knew he was suffering from liver disease and signed his will about a year before he passed. In this time, he should have changed his plan to include a revocable living trust. This would have avoided the entire media leak and aggravation of probate court.

So continue listening to the trendy song, but when it comes to planning your estate, don’t take a walk on the wild side. Get professional help and avoid frustration!

 By Daniel Mayper - Guest Blogger 

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