Careful planning pays off for Hugh Hefner
- AuthorCaroline Woodham
For many people, after they pass away a grant of probate is needed as authority to release their assets. I doubt dealing with probate is a task many executors look forward to but, if a grant is needed, dealing with the probate process is necessary.
Following the death of Hugh Hefner in September 2017, Claire Read blogged about how estate planning through the use of trusts can protect beneficiaries and mitigate tax. Such planning may also have the benefit of preventing the need for a grant of probate. Hugh Hefner is believed to have utilised trusts so that his wealth passed directly from the trust to his chosen beneficiaries. The distribution is ‘controlled’ by the trustees rather than an executor under a grant of probate.
Whether a trust would be beneficial for you depends on your personal, financial and family circumstances. We work alongside our in-house team of independent financial advisers so that together we can explore the options to find the right solution for you.
Why not contact one of our probate specialists for a free 15 minute consultation to see how we can help you? I am based at our Chelmsford office and can be reached on 01245 453825 or firstname.lastname@example.org