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What Are the Different Types of Trusts in New Jersey?

When it comes to the future, it is necessary to plan ahead. Carefully planning for your future will give you and your loved ones the peace of mind you need and deserve. It is difficult to think about, but in the event of your passing, you will want to make sure that your friends and family are taken care of and that all goes according to plan. The best way to ensure that your wishes are followed is with the help of a knowledgeable estate planning attorney. There are many documents involved when it comes to estate planning, including wills, trusts, power of attorney, healthcare directives, and any other documents that may be beneficial to your estate. While many people know what a will is, not everyone is as familiar with trusts. Read on to learn more about the different types of trusts in New Jersey.

What Is a Trust?

A trust is another document that may be used to manage your assets when it comes to planning for your estate.

What Are the Different Types of Trusts?

Revocable trust: This allows you to change the guidelines laid out in the trust at any time

Irrevocable trust: You cannot make any changes to the guidelines of the trust, once it is filed it is binding

There are many categories of trusts available including:

  • Marital

  • Charitable remainder

  • Bypass

  • Charitable lead

  • Testamentary

  • Generation-skipping

  • Special Needs

For specifics regarding trusts and the types you can create, reach out to an estate planning attorney.

How Do I Create a Trust?

To create a trust, you will want to reach out to a skilled estate planning attorney. Documents involved in estate planning can be complicated. Additionally, when it comes to important documents, there are a lot of requirements that must be met. For example, if a trust is not created and filed properly, it may not hold up in the eyes of the law. This could be seriously detrimental down the line. If your loved ones are left with no plans or instructions, they may be left to divide your assets amongst themselves, creating tension that can go as far as to lead to litigation. In order to make sure your future is properly planned for, reach out to an estate planning attorney today.

Contact Our Experienced New Jersey Firm

Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 20 years. That is why we are confident we have what it takes to provide you with the effective legal counsel you need. If you need experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.