August 13, 2014
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Daniel S. Rubin was quoted on CNBC regarding the passing of Robin Williams and the apparent state of his estate planning.
"It's very likely he used a revocable trust," said Daniel Rubin, a partner at Moses & Singer specializing in trusts and estates.
Rubin explained that because the probate process tends to be a lengthy one in California, wealthy people there—and elsewhere—often opt to create a revocable living trust instead of a will. They make themselves the trustee, and in the trust documents indicate how they want their assets distributed. Then when they die, the assets are allocated without any public review...
Rubin [also] said the more modern way of structuring a trust for children is to give them responsibility for appointing the trustee at a certain age. That way they can, if they choose, appoint someone who will let them draw down assets—or they can choose to leave the assets in the trust, where they are not vulnerable to a lawsuit or a divorce settlement.
"He definitely thought about his estate planning and did something smart, but not as smart as it could have been," Rubin said...