Trust Certification: No Need to Disclose Your Entire Trust to Your Banker

Female banker talking to male customer

In the world of estate planning and trust management, privacy is not just a luxury but a necessity. Often people tell us their banker is asking to see a copy of their trust.  Not only is it unnecessary for you to reveal all your trust details to your banker, it is against the law for them to demand it. 

Understanding Privacy in Estate Planning

Estate planning often involves dealing with sensitive personal information. This includes details about your family members, assets, and future plans. By preserving your privacy, you protect this information from unnecessary exposure, safeguarding your estate against potential risks and complications.

Benefits of Maintaining Privacy

One of the key benefits of maintaining privacy in estate planning is the protection of your assets. For instance, using a trust instead of a will can avoid probate. This keeps your financial affairs private and prevents prying eyes from accessing your asset distribution plan.

Moreover, privacy in estate planning provides an extra layer of protection for your beneficiaries. It shields them from unwanted attention or potential legal challenges that could arise if the details of your estate were publicly known.

Your Legal Rights

You have the legal right to maintain privacy in your estate planning. Certain types of trusts allow you to keep the details of your estate private, even from the beneficiaries, until a specified time. This can be particularly beneficial in circumstances where revealing the trust details could potentially impact the behavior or decisions of the beneficiaries.

Managing Financial Relationships

Effectively managing your financial relationships does not necessitate revealing your trust details to your banker. You can control the trust and your assets without being legally recognized as the official property owner. Your estate planning attorney can help guide you in navigating these relationships while preserving your privacy.

Count on Krause Estate Planning To Be There For You

Remember, estate planning is not a one-size-fits-all process. It requires careful consideration of your individual circumstances, goals, and needs. If you have questions about creating a trust, managing your financial relationships, or anything involved in estate planning, contact Krause Estate Planning. Our team of experienced estate planning professionals is here to provide personalized, clear, and compassionate guidance every step of the way.

Schedule a consultation with Krause Estate Planning online or by phone today. We serve several communities throughout Wisconsin, including Brookfield, Janesville, Madison, Middleton, Milwaukee, Oregon, Sun Prairie, Verona, and Waunakee.

Related Posts
  • How Adult Children Can Support Their Parents in Estate Planning Read More
  • When Do I Need to Change My Estate Plan During Divorce? Read More
  • How to Successfully Pass On Heirlooms Read More