What Can You Learn From Lou Reed's Estate?

Many people know Lou Reed as the man who crooned "hey babe,take a walk on the wild side", but what you may not know is that applied the song lyrics to real life. For a man who was worth an estimated $30 million, he didn't act conservatively with his estate plan. Instead of a revocable living trust he relied on a will, and now his relatives can't avoid the public process of probate court.Read more about his situation below...

It’s much easier to file objections or challenges to a will in probate court, than to a trust which is administered privately, outside of probate court. Further, it’s much simpler for anyone to leave detailed instructions, with conditions, limitations, and suggestions, in a comprehensive trust document, rather than a will — even one that is 34 pages long. In fact, trusts can even help you when you are alive, but before you die, by addressing who and how your assets are managed if you are no longer able to do so. Wills can’t help with that.

— Read More At Huffington Post