One of the most important parts of any estate plan is establishing trusts, especially if you have minors in your will. Two common types of trusts are irrevocable trusts and revocable trusts. This post will discuss revocable trusts, wherein our experienced New Jersey estate planning attorney will explain the purpose of these trusts, whether they are best for your estate, and more. Here are some of the questions you may have about revocable trusts and the estate planning process:
What Is the Purpose of A Revocable Living Trust?
In most cases, people will choose to create revocable living trusts if they are looking to place certain assets into those trusts while still retaining the ability to modify the trust, or even terminate it, in their lifetime, all while making it so that when they pass away, their beneficiaries will automatically inherit those assets. If you create a revocable living trust, you are the grantor, and the person who manages the trust is the trustee. That being said, only certain assets can be placed into revocable living trusts, such as your home or your car. Other assets, such as life insurance policies, are not to be placed in these types of trusts.
What Is Probate?
Another benefit of creating a revocable living trust is that it will help your family avoid the probate process. Probate is a time-consuming and costly process, and creating a trust can help you avoid it. This will save them time and money in the long run.
How Do I Set up A Revocable Living Trust?
First, you will have to hire a knowledgeable New Jersey estate planning attorney who can help you through the process to ensure that it is done both swiftly and correctly. Next, we will help you draft a revocable trust form, which essentially states that you are the grantor and appoints your trustee and a successor trustee. The form will also list your beneficiaries, the terms of your trust, and all assets you have included in your trust. If you have any additional questions about the legal process ahead, please do not hesitate to give our experienced team a call today. We have helped countless individuals create these trusts over the years, and we are here to do the same for you.
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 25 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.