The beneficiaries and heirs to your estate can suffer quite an overwhelming loss in the event of your death if you have not made arrangements for proper estate planning. A revocable living trust can help to ease some of the pain and burden during this particularly difficult time for your loved ones. Without such in place, your children can be faced with confusing and lengthy probate processes, hefty inheritance taxes, and even will contests.
There are various types of living trusts one can look into. There are two main types we see, revocable living trusts and irrevocable living trusts. As New Jersey estate planning attorney’s it is our duty to be familiar with all types. Federal laws that dictate the ins and outs of estate planning and taxation can be quite confusing and this is why it is essential you have a professional attorney on your side.
A revocable living trust is one that can be altered as time goes by. If you decide you want to change the beneficiaries or trustees, this can be quite easily and legally done. Irrevocable living trusts however cannot be changed once the document has been signed.
What are the benefits of a revocable living trust?
- With such a trust you can avoid probate processes.
- You can provide protection for property and assets handed over to certain beneficiaries. This is often the case if the beneficiaries are under age. The trust will ensure the inheritance is handled in a particular way.
- Estate taxes can be reduced or eliminated due to living trusts being provided with certain deductions and credits that are allowed under tax laws.
- Management of property upon incapacity. This means successor trustees can take over when you become incapacitated or resign.
- A trust can avoid a will contest. This is possible as a will only takes effect after the death of the individual. A living trust is in action from the moment the documents are signed.
These are just a few of the reasons why we strongly feel you need to set in place a revocable living trust in New Jersey.
The role of an attorney in the estate planning process
Drawing up a living trust forms part of your estate planning and you should try to do this as early on as possible. Having a reputable and empathetic estate planning lawyer or elder law attorney on your side will mean that your heirs are assisted by a professional with their best interests at heart.
Frank Campisano of SCC Legal is more than just another attorney. He is dedicated to providing professional, compassionate and efficient elder law advice and estate planning assistance. He and his team are trusted and respected legal advisors in New Jersey, and for good reason. With Frank Campisano, your first consultation is always free and he welcomes you to take the time to discuss your particular situation with him at any time.
While it is unpleasant to think about the future in this light, it is better to be prepared than to leave your descendants in an uncomfortable situation. We welcome you to chat to us at SCC Legal about your needs and requirements without delay.