revocable living trust question about privacy
Does everyone named in a revocable living trust get a copy and know what everyone else gets? If so, can you have two revocable living trusts so that only people named in a trust know how much money you have in that trust? Thank you.
Terry Says
Great question. NO ONE gets a copy of your RLT — although you should probably share the general contents with your named successor trustee. Your attorney will also keep a copy. You do not have to reveal who gets what!
You must need a person you trust and who is competent to act as trustee — in case they need to act while you are alive and possibly incapacitated (think stroke) and after your death, according to the distribution instructions you write out in the trust documents. And you can specify percentages, not dollar amounts in your directions, because you never know how much you will have left by the time the trust is distributed.
Even better, since the trust does not go through probate court, which is public information, no one will know who got what — even after you’re gone. You can specify that the trustee do the distributions but keep the amounts a secret from your grave!
