Privacy Advantage of a Living Trust
The privacy of a living trust is a big benefit over a will. People usually prefer to keep their financial affairs private and that tends to be good when it comes to passing on your estate after death. The more people who know about your estate distribution plans, the more complicated things might become and you might get problems such as jealous beneficiaries or creditors coming out of the woodwork.
To understand the reasoning behind why the privacy of a living trust might be a good idea, you first of all need to understand how probate works. Probate exists to make sure the creditors of a deceased person can collect any debts from that person's estate so the probate process itself is usually public and open. To get more knowledge about living trust, you can also visit http://speedwelllaw.com/alexandria-estate-planning-attorney/.
The executor, in fact, has to pay to publish a public notice in the newspaper saying the estate is probated. The will content become public record (including testamentary trusts) and just about everyone can see it if they want to.
The will contains information which could be valuable to a creditor, including the assets in the estate, who is supposed to inherit those assets, where the assets are located and how much they are worth. This might not be what you have in mind if you would prefer to keep your assets and beneficiaries private and you do not want them knowing how much everyone else is getting.