Living trusts are part of many well-rounded plans to pass on assets to family and loved ones. Estate planning does not have to be confined to a last will and testament but instead can be handled primarily through a living trust. There are several advantages of drafting a living trust in addition to a will, but it is important to understand that it is not a replacement for a will in New Jersey.
Today, our estate planning attorneys will discuss what living trusts are, who should consider a living trust, and how to form an enforceable trust in our state.
Monmouth County, NJ Wills & Trusts Attorneys Define Living Trusts
A living trust is a legal document that can outline your desires pertaining to your financial assets and owned property. Our Monmouth County wills & trusts attorneys can include terms of what assets will be granted to what individuals, at what time, and will also name a trustee to your estate. Trustees act as custodians of your assets and have legal title and control of the property within your living trust.
In New Jersey, you may act as your own trustee as part of a living trust. Individuals who have high net-worth, complex financial assets, a complex family structure, or other legal complications often find living trusts to be a great way of sorting out their financial affairs in conjunction with a last will and testament.
Red Bank Living Trust Lawyers Discuss Legal Advantages
Our Red Bank living trust lawyers believe that there are two primary advantages of making a living trust:
Expediting the probate process – New Jersey probate periods are not as long as some other states. However, living trusts may still prove to shorten this time period for your family upon your passing. Probate court is used to settle any issues of financial title, deeds, and so forth after an individual’s death.
Tax Reductions for high-net-worth estates – while this may not impact a large percentage of the population, for individuals with estates worth $5 Million or greater, living trusts can carry significant tax advantages. If your estate is of sufficient value, it will likely be beneficial to utilize an AB Trust, otherwise known as a tax bypass trust to avoid paying costly federal estate taxes.
How Do I Draft and Sign a Legal Living Trust in New Jersey?
In order to create an enforceable living trust, your Monmouth County attorney will work with you to execute the following actions:
- Draft a legal living trust, in which you will name a trustee, beneficiaries, and the terms therein
- All living trusts must be notarized by a public notary
- The assets within your living trust will be legally transferred to the trustee as named in the document (to reiterate, this may be you if you so choose)
The terms of your trust may be as complex or simple as you desire. It is important to understand that in order for a trust to be worthwhile, it must be legally binding and recognized by probate courts. By working with a qualified Monmouth County estate planning attorney, you can ensure that your family will be in good hands.
Contact our West Long Branch Living Trust and Estate Planning Attorneys Today
The living trust and estate planning attorneys of Chamlin, Uliano & Walsh have extensive experience helping our Monmouth County clients draft and enforce living trusts and will in towns like West Long Branch, Red Bank, Freehold, Asbury Park, Middletown, Howell, and across all of Eastern New Jersey. Our firm is built on the foundation of family, honesty, hard work, and working closely with our clients. By placing the attorney-client relationship at the forefront of our legal practice, we are uniquely positioned to deliver highly personalized and effects legal solutions.
If you have any questions or concerns regarding estate planning including living trusts, wills, and more, please contact us online or through our West Long Branch, NJ offices by calling (732) 440-3950 today for a free and confidential consultation.