One of the most important parts of a comprehensive estate plan is creating trusts. There are different types of trusts, such as revocable and irrevocable. Today, we will primarily discuss the benefits of creating a revocable trust. Please read on and reach out to our experienced New Jersey estate planning attorney to learn more about how he can help you through the estate planning process going forward. Here are some of the questions you may have:
What Is a Revocable Living Trust?
Essentially, many people see revocable living trusts as attractive options because they can place their assets in the revocable trust in their lifetime, and when they pass away, their beneficiaries will automatically inherit those assets. It should also be noted that in revocable living trusts, you are allowed to update and change the terms and assets within your trust at any point in time.
The person who creates the trust is known as the grantor, and the person that manages the trust in your lifetime is known as the trustee. Individuals are allowed to place various assets into these trusts, including cars and houses. However, with that in mind, you should also note that other assets, like your life insurance policy, may not be placed in a revocable living trust.
Will a Revocable Living Trust Help Me Avoid Probate?
Probate is a months-long, complicated, and sometimes even contentious process that many individuals and their families will seek to avoid. Fortunately, very often, if you create a revocable living trust, you and your family will be able to circumvent the probate process entirely.
How Can I Create a Revocable Living Trust?
The first thing you should do is speak with an estate planning attorney who has been helping individuals create effective wills and trusts for years–fortunately, you have just found that attorney. From here, our firm will guide you through the rest of the process, beginning with completing a revocable living trust form. This form has various purposes including clarifying that you are, in fact, the grantor. Additionally, the form will appoint a trustee and the successor trustee, and, finally, lists your beneficiaries, all assets within the trust, and your trust’s terms. If you think you are ready to create a revocable living trust, simply speak with our firm 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 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.