Trusts Lawyers in Cherry Hill, NJ, Solidifying Your Estate for Years to Come
With Bratton Law Group’s trust lawyers in Cherry Hill, NJ, you can be sure that every detail of your trust will be thoroughly reviewed. From tax considerations to asset protection trust strategies, our team takes into consideration all aspects when creating a new trust for a family member. We take great care to craft secure estate plan documents that follow state law guidelines so that any future disputes can be avoided or resolved quickly.
We also provide ongoing support throughout the life of the trust as well as help with administrative services such as reviewing changes in laws or making adjustments for beneficiaries. Our reliable counsel offers peace of mind, knowing that all estate planning goals are met while minimizing any future complications.
If you’re looking for trusted advice from experienced lawyers, contact Bratton Law Group today! Rest assured that you’ll be getting quality service throughout the entire process. With years of knowledge and action on our side, we look forward to standing with you and helping solidify your estate for years to come. Call 856 644 4283 now to reach us!
What are the Most Common Types of Trusts?
Trusts are legally binding documents used to manage a person’s assets and protect them for future generations. They can be used as an estate planning tool, from avoiding probate costs or taxes to supporting charities. But what are some of the most common types of trusts? The answer depends on your individual needs and goals. Here is an overview of some popular trust types:
A revocable living trust allows you to make changes or even revoke it entirely during your lifetime. This type is often used by people looking to avoid probate because assets held in this kind of trust pass directly to beneficiaries as designated when the creator dies instead of going through court proceedings like other estates do after death.
A type of trust that cannot be amended or revoked once it has been created. This kind of trust can help protect your assets from taxes, creditors, and other liabilities, as well as provide for beneficiaries after you pass away. It also gives you the flexibility to specify exactly how the money in the trust should be distributed and used.
One created through a last will and testament as part of the estate planning process. The terms of this kind of trust typically don’t become effective until after the creator has passed away, at which point it becomes an active document administered by an executor.
These are trusts created to benefit a specific charity or cause. Charitable trusts can be used to provide financial support for an organization, fund a research project, or provide assistance in some other form. The terms of the trust dictate how and when money is distributed from the trust to the chosen charity.
The creation of a trust requires careful consideration and advice from experienced lawyers like Bratton Law Group. Whether you want to explore a credit shelter trust, an irrevocable life insurance trust, a special needs trust, a spendthrift trust, or any of the trusts mentioned above, our law firm can help.
We understand that estate planning can be challenging, so let us take care of all the details while you focus on making sure your wishes are met.
Should I Create a Trust or a Will?
A trust is a legal arrangement in which one person acquires rights to and benefits from another’s property or assets. The beneficiary relies on the trustee to manage the trust’s assets. However, a will is typically used to designate an heir beneficiary in the event of the owner’s death.
Think about your assets, your tax situation, and your need for privacy when deciding whether a trust or a will is better for you and your family. Your trust attorney can help you evaluate all of your options and make the most informed decision possible.
When compared to a will, a trust offers several benefits if you want to avoid probate court altogether, set up a trust to provide for a loved one with special needs, donate to charity, or leave assets to your heirs. Many people also set up trusts to reduce their taxable estate value. By moving assets into a trust, you may be able to minimize the estate tax burden left for your loved ones after your passing.
When Should I Consider Creating a Trust?
You should consider creating a trust if you want to:
- Leave assets to someone with special needs or disabilities
- Provide for the well-being and education of children or grandchildren
- Control how your assets are distributed after you die
- Make sure your wishes about charitable giving are respected
- Minimize estate taxes
- Avoid probate court proceedings
Estate planning is an intricate process that calls for careful deliberation and the counsel of knowledgeable attorneys. Trusts are preferable to wills for some reasons, including the ability to save money on estate taxes and provide beneficiaries with special needs. The benefits of establishing a trust are numerous, including the ability to direct the distribution of your assets after death and the reduction or elimination of probate court proceedings.
What are the Benefits of Creating a Trust with the Help of an Estate Planning Lawyer?
When handling the complexities of inheritance, estate planning, and trust administration, enlisting the help of a lawyer can be invaluable. A trust lawyer is specially trained in creating legal documents that help protect your assets, ensure they are distributed according to your wishes, and limit potential tax burdens upon death. They know the laws and regulations that govern trusts, as well as how to manage the responsibilities associated with them.
A trust created with the help of an estate planning lawyer can also save your family or spouse time and money. A trust lawyer can handle the tedious and complicated paperwork associated with creating the trust, making sure that all requirements are met. Bratton Law Group is available at 856 644 4283 to provide you with a trust’s attorney. Call today!