Living Trusts Lawyers in Cherry Hill, NJ Helping to Protect Your Assets For Future Generations
When people hear the term “living trust,” they often think of individuals who are very wealthy or older with a significant amount of personal property. However, a living trust, also called a revocable trust, can protect many individuals and their beneficiaries in various ways now and in the future.
Suppose you are still trying to determine the benefits of creating a living trust. In that case, it is best to consult an experienced estate planning attorney who can advise you of your legal options.
The Bratton Law Group of Cherry Hill, N.J., is a law firm dedicated to helping individuals and their families plan for the future. If you want more information, contact our law office, and ask to schedule a consultation with a qualified legal team member who will gladly sit down with you and answer your questions.
What Are the Benefits of Having a Living Trust in New Jersey?
Although various benefits accompany a living trust, one of the most significant aspects is that it can help beneficiaries avoid the probate process. Even though the probate process in New Jersey is less complex than in other states, it can still be costly and time-consuming under certain circumstances.
Some of the other benefits of creating a revocable trust include:
- Family members can access financial resources more quickly than if the estate has to go through probate.
- Unlike a will that becomes public knowledge after it is probated, the terms of a living trust remain private. As a result, your personal information and that of your beneficiaries will remain confidential.
- The trustee who oversees your trust can manage your legal and financial affairs should you become incapacitated.
Finally, a living trust can provide you and your family with peace of mind knowing they will have access to essential financial resources after you pass away. In addition, a living trust can also provide family members with special needs without the threat of them losing government benefits.
What is the Difference Between a Revocable Trust and an Irrevocable Trust?
Often people need clarification about the difference between a revocable trust and an irrevocable one. A revocable trust can be changed or amended at any time by the grantor as long as they are competent. Conversely, the same cannot be said for an irrevocable trust.
An irrevocable trust has less flexibility than a revocable trust. A revocable trust is structured so that assets can be placed or removed from the trust relatively easily. However, in an irrevocable trust, once the assets are placed in the trust, they cannot be removed unless approved by the beneficiaries.
An added benefit of an irrevocable trust is that all assets contained within the trust are protected from creditors as they are no longer considered the grantor’s property. Instead, all assets are considered to be the property of the trust and are shielded from being seized.
If you are still determining which type of trust suits your needs, contact the Bratton Law Group of Cherry Hill. An experienced trusts lawyer can evaluate your needs and determine the best option.
What Assets Should Be Placed Into a Living Trust?
One of the most considerable advantages of a living trust is that assets can easily be placed or removed from the trust. Many individuals who create a living trust mainly aim to help their families avoid probate fees after death.
Therefore, some of the most common assets individuals choose to place into a living trust include:
- Homes and real estate.
- Valuable artwork, furniture, jewelry, or antiques.
- Stocks that include limited liability shares or partnership interests.
- Non-investment accounts such as mutual funds or brokerage accounts.
- Checking, savings, and money market accounts.
- Certificates of deposit.
- Safe deposit boxes.
However, some assets should never be placed into a living trust which includes:
- Physical cash.
- Health saving accounts.
- Retirement accounts such as 401(k)s, 403(b), or IRAs.
- Assets held in other countries.
A knowledgeable lawyer like those of Bratton Law Group can help you understand which assets should be placed into a living trust to offer you and your family maximum protection based on your needs.
Why is Your Law Firm the Best Choice to Help Me Create a Living Trust?
Bratton Law Group of Cherry Hill, N.J., is a law firm dedicated to helping members of the community plan for the future. Our legal team recognizes that thinking about how your family will fare after you pass away can be challenging.
Nevertheless, proper planning now can help prevent your family from having to struggle after you are gone. Our living trust and estate planning lawyers have extensive experience in helping individuals establish living trusts that give them peace of mind knowing their family will not face financial hardship.
If you want more information about creating a living will, contact the Bratton Law Group at 856 644 4283 to schedule an appointment.