This recent short article identifies one of the lesser-cited advantages of using trusts for estate planning: privacy. In it, we are told all the finer points about the distribution of Lou Reed’s estate.
Had the rocker instead used trusts, we would know nothing. Trusts are private, whereas wills (and the accompanying probate process) are public.
Takeaway: Wills are what you use when you don’t care. (Now that I think about it, though, that may have been his intention. I mean, Brother Lou wasn’t know for his careful attention to detail, nor was he known for his interest in what others thought.)
But really—who am I kidding? This was just an excuse to link to this gem. Pavarotti and Lou Reed!