Estate law is fairly complex and people can quickly run into significant issues when their assets aren’t correctly included in their estate plan. Here are some tips from a leading New Jersey estate planning attorney.
If your home is incorrectly included in a living trust, then you and your beneficiaries may run into problems that include:
- Your home going through probate because the trust fails to correctly identify the property.
- Your wishes may not be clear, allowing the State to distribute your home according to State law rather than the rules of the trust. This can happen when your home is not listed as a trust asset even if your Last Will and Testament declares that everything should go to a certain beneficiary.
This can lead to delays on your estate as well as increased legal fees as your family and loved ones have to approach the courts to legally correct this error.
If you want to include your home in your living trust, always check:
- That you have signed and notarized a new deed when you create your trust.
- That your home is listed with its full address in your trust in the schedule of assets.
- That the name of your trust on the new deed matches the name of your trust exactly.
- That your trust is listed as the insured on your home’s insurance policy.
Have your living trust set up by an experienced NJ estate planning attorney
If you would like further guidance on creating a revocable living trust or a Last Will and Testament, Frank R. Campisano can provide you with the necessary expert legal advice and professional insight.
In addition, he can also assist you with all other aspects of your estate plan, from drawing up medical directives and Power of Attorney documents to Medicaid planning. For more information on setting up or changing an estate plan, please contact Frank at the law firm of Sedita, Campisano & Campisano, LLC in New Jersey or visit our website at https://www.scclegal.com/