Trenton, NJ Living Trusts Lawyers Guiding You Toward Estate Planning Solutions That Will Protect Your Assets
When you’ve worked hard for years, you want to safeguard assets that might include your house, checking account, stocks, bonds, and more. One way to do this is by setting up a living trust that offers protection and control of your assets during your lifetime and even after you’re no longer here. This can help you rest assured that your heirs will get the assets you want to leave them.
At Bratton Law Group, we take pride in helping clients understand the estate planning tools available to them so they can choose the ones that best meet their needs. If you want to discuss living trusts, wills, powers of attorney, and other essentials, call our law firm to talk to experienced living trusts lawyers in Trenton, NJ.
What Is a Living Trust?
When you create a living trust, you agree to transfer your assets to a legal entity called a trust. This means you’re no longer legally considered the owner of the belongings in the trust, since they now belong to the trust itself. At that point, you must select an individual, called a trustee, to manage the trust.
Keep in mind that depending on the type of living trust you create, you can appoint yourself as the trustee so you remain in control of the trust during your lifetime. However, you must select a successor trustee who will take control of the trust once you pass away. This should be a person you can count on to follow your directions on how to distribute the assets to your heirs. The lawyers at our Trenton, NJ law firm can guide you through this task.
What Are the Benefits of Living Trusts?
One of the primary purposes of a living trust is to have a document that outlines how your assets should be distributed upon your death. While a will can serve the same purpose, there are other benefits to expect from living trusts.
Among the most popular benefits is that living trusts avoid probate. This means the assets in your trust will be distributed to your heirs faster than they would if you only had a will, as probate is an expensive legal process that usually takes months to resolve. Your heirs will appreciate that they don’t have to deal with probate court while they mourn your death, which is one reason to make a trust.
Another benefit is added privacy, since the legal proceedings involving trusts are private, unlike wills. In addition, when you have a trust, if you’re ever incapacitated and unable to manage it anymore, your successor trustee will step into the role rather than the court taking over.
Depending on the type of living trust you create, you could be entitled to other benefits, such as lower taxes and protection from creditors. To learn more about the advantages of trusts, contact our Trenton, NJ living trusts lawyers for advice.
What Are the Differences Between Revocable and Irrevocable Trusts?
When you make a living trust, you must decide if it will be revocable or irrevocable. Revocable trusts are the most common type since they allow you to name yourself the trustee and alter the trust at any time, ensuring your assets are within your control until you pass away. This means you can move assets into and out of the trust as needed.
On the other hand, you can’t alter or terminate an irrevocable trust. You also cannot appoint yourself as the trustee, so your assets will be in the hands of the trustee you choose. But the benefit of this type of trust is protection from creditors, lawsuits, and some types of taxes. If you need help deciding which type of trust is right for you, contact Bratton Law Group for estate planning advice.
How Can Living Trusts Lawyers in Trenton, NJ Help You?
Living trusts offer benefits that might interest you, but they also come with rules to be aware of before you decide if this is the right estate planning solution for you. If you’re unsure if you should create a living trust, it’s time to talk to skilled living trusts lawyers in Trenton, NJ.
Our legal team has helped numerous clients plan for the future with trusts, wills, advance directives, and other legal solutions. If you’re ready to find out which options meet your estate planning needs, call our Trenton law office at 609-362-5692 to schedule an initial consultation with experienced living trusts lawyers.