From our “Ask a Question” Mailbag: Avoiding Probate on Property Using a Revocable Living Trust Atlantic County, New Jersey
Recently Updated July 7, 2018
“I have a Revocable Living Trust, but still own my Atlantic County land in my own name. Do I need to transfer the deed into the Revocable Living Trust to avoid probate?”
Avoiding Probate on Property Using a Revocable Living Trust ATlantic County, New Jersey
New Jersey allows you to form a Revocable Living Trust. These trusts can own almost any asset including bank accounts, autos, stocks, gold, and your Atlantic County real estate. While Revocable Trusts can serve many purposes, the primary goal is to avoid probating the will with the Atlantic County Surrogate.
Avoiding probate is possible only because during your lifetime, you have transferred all of your property into the Revocable Living Trust, or the property pours into the trust at your death.
Therefore, because you still own your Atlantic County land in your own name, you have failed in your goal to avoid probate.
The Pour-Over Will
If the attorney who assisted you with your Revocable Living Trust was doing a good job, you also have a “pour over will”. This will says, in short, that whatever is still in your name should be placed into the Revocable Living Trust at your death. If your estate is properly prepared, the pour over will is never filed. The pour over will is for things that you forgot about, like a CD you opened at the bank but failed to put into the trust.
In your case, to get the deed into the trust at your death your executor will have to file the pour over will with the Atlantic County Surrogate. Your goal of avoiding probate will not be met.
How to Avoid Probate
To avoid probate, this land need be placed into the Revocable Living Trust before you die. The Revocable Living Trust will own this land during your lifetime, but because the trust is “revocable”, you can sell it or take it out whenever you wish.
Your plan is only half done, take it to the finish line! If you need help with your Atlantic County deed, feel free to contact me.
More Planning Questions?
Avoiding probate through a Revocable Living Trust is only a piece of the Estate Planning process. By all means, if you want to learn more, please read my more detailed article, Estate Planning Everything You Need to Know.
In Conclusion: Avoiding Probate on Property Using a Revocable Living Trust Atlantic County
I hope that this article was helpful in explaining how to avoid probate. Further, I included links to even more detailed information on my website so you can learn more. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!
Let our Estate Planning lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced estate planning lawyers. By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!
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