From our “Ask a Question” mailbag: There seem to be many different types of trusts. Which one is the best to avoid probate?
Trusts are very flexible estate planning tools. They can be used to avoid creditors, shelter assets from divorce, reduce taxes, and to avoid probate. To avoid probate in New Jersey, you could use a Revocable Living Trust or you could use any number of different Irrevocable Trusts.
Which trust is best suited for your will depends on several factors, including what types of assets you wish to put into the trust, whether you wish to use and enjoy the asset during your lifetime, and what type of tax savings (if any) you may wish to achieve. To narrow down what type of trust would best meet your goals, I would need to know more information so feel free to set up a free consultation.
If you have any other questions about Estate Planning, Revocable Living Trusts or Irrevocable Trusts, feel free to contact our office for a free consultation.