Jacqueline Kennedy Onassis signed a will in March 1994 after receiving a cancer diagnosis and died two months later. Her will is readily available on the internet since it becomes a public document when submitted for probate (i.e., no privacy), according to an article from the American Legion, “Living Trusts vs. Wills.”

In her will, Jacqueline Kennedy Onassis remembered family members and friends and also planned to make a large transfer to what is known as a Charitable Lead Trust. However, things didn’t work out the way she wanted. Her two children received her personal property and quickly put the items up for sale, netting $35 million. The rest of the estate was needed to pay taxes, and the Charitable Trust was never funded.

Bing Crosby, an American singer and celebrity, had a trust created for his estate plan and privacy was the main reason. When his first wife died in 1952, she had a will transferring her separate and community property, which became public because of the probate process. After marrying again, Crosby created several trusts for his children from his first marriage, his new wife and the children from his second marriage. He wanted his privacy back.

Reasons to have a Will

There are many reasons to have a will. The will is used to name an executor for your estate, a guardian for minor children and express wishes for asset distribution. A last will and testament is a good starting point for an estate plan. If you are young and don’t have a lot of assets, a will may be all you need as a “just in case,” to ensure that if something unexpected happens you have a plan to distribute assets and plan for your children’s future. And if you have young children, in the state of Missouri the will is the only way to name guardians for your minor children and therefore it is a necessity for young parents.

Reasons to have a Trust

As one moves through life and acquires property and your assets get more complicated, it may be time to consider a trust. We would argue that a trust is always a good idea and that is because it is the only way your can plan for unexpected events, like the loss of a loved one or a loved one that develops issues like a drug abuse, creditor problems, or divorce. Through a trust, you can not only spell out what you want to occur if you pass or become incapacitated, you can also provide alternatives for if your first choices don’t work out. Additionally, a revocable living trust allows the person creating the trust (also known as the grantor or settlor), to retain complete control over the trust. You can change the terms, add and subtract beneficiaries and make changes whenever you want.

Through a living trust you can name successor trustees that will serve when you can’t. If you become incapacitated, the successor trustee can step in and manage the property owned by the trust. They can use the funds in the trust to pay for Long-Term Care or medical expenses along with everyday needs.

If you own property in more than one state, a trust is an excellent means of avoiding having to go through probate in each state. With a living trust, your estate won’t have to go through multiple probate processes.

The privacy a trust offers can reduce the risk of someone contesting the estate. When a document about your property becomes public, distant relatives, creditors and thieves can connect the dots of your wealth and target your estate via litigation or scams.

Next Steps

If you have questions about what is best for you and your family at this point in your life, talk to an experience estate planning attorney like the ones at Frankel, Rubin, Klein, Payne & Pudlowski, P.C. Use this link to book a call today!

Frankel Rubin’s attorneys are licensed in Missouri and Illinois and our law firm services all of the St. Louis Metropolitan Area. We are especially convenient for estate planning in Clayton, Brentwood, Des Peres, Frontenac, Glendale, Webster Groves, Kirkwood, Ladue, Maplewood, Olivette, Overland, Richmond Heights, Rock Hill, Shrewsbury, Town and Country, Creve Coeur, Affton, Crestwood, Sappington, Sunset Hills, Maryland Heights, University City, Warson Woods, and St. Louis City.

Reference: American Legion (Jan. 15, 2025) “Living Trusts vs. Wills”