Estate planners have many tools at their disposal, including wills and trusts. Revocable trusts, known for their ease of administration, are often used to protect and distribute assets while maintaining privacy. This is one of the reasons that wealthy families rely on them to manage family line assets and perpetuate dynasties. The same can be said for Lee Radziwill and her estate plan.
Radziwill’s passing ended an era. Known for her family pedigree and iconic fashion sense, her elegant lifestyle was one of style and poise. Reflecting that lifestyle, Radziwill’s estate plan was said to be complex and thorough. Although she had a revocable trust, she also had a will, which was necessary to handle certain elements that could not be included in a revocable trust document.
Estate planners say that it would be unusual for a wealthy family not to have a trust; wealthy families often have more than one trust, and some of the more complicated trusts contain subtrusts. One of the primary reasons that wealthy families use trusts is to avoid the probate process and ensure that the estate owner’s final wishes are carried out without having to go to court.
Estate plans can be used to eliminate uncertainties, maximize wealth and minimize taxes. They provide peace of mind for couples who want to make sure their children are properly cared for in the event of their death. They also provide an avenue for passing along the assets of a successful business enterprise to the proper beneficiaries. However, estate plans are unique and must fit the needs of the individual estate owner. That is why estate owners may find it beneficial to enlist the services of a law firm with experience in estate planning.