At Klenk Law, we know that if you are looking for a lawyer to help with a revocable living trust NJ residents can rely on, you have come to the right place. What happens to your things at death? Considering the options is important. The sooner you arrive at an answer, the better. When you create a trust, it means that you want someone you can rely on to hold your assets and property in their care. Thus, you can become the trustor (or grantor) when you create the trust, assign someone else to be the trustee, and assign certain property or assets to the trustee to be held for another person’s benefit.
Understanding Revocable Trusts in New Jersey
Trusts are not reserved for wealthy people. Rather, it is an estate planning tool that allows you to protect assets, save money, save time, and more. There are a number of different types of trusts. A revocable trust gives you the ability to make changes, or amendments, at any time; including the ability to completely revoke it. The trust generally includes at least three parties: the grantor, the trustee, and any named beneficiaries. The trustee will typically have many responsibilities, but is most often required to manage all properties and assets contained within the trust.
The Difference Between an Irrevocable and Revocable Trust?
There are various details between a revocable and irrevocable living trust with the primary one regarding the changes in which you can make to the document. For example, you will be able to revise, modify, or terminate a revocable trust. Whereas, an irrevocable trust will not be able to be changed without notifying, and getting the permission of, the beneficiaries.
Ultimately, when you create a revocable living trust in New Jersey, you create a document that can be changed or destroyed while you are still alive. As the trustor, you are the person who has the right to make changes or terminate the revocable living trust; thus, when you pass away, it will become irrevocable.
Can a revocable living trust avoid probate?
Yes, and this is a common reason that many people choose to create revocable living trusts. Not only will it be fairly simple to execute changes during your lifetime with the help of your revocable living trust attorney, but it will save your beneficiaries and family members headaches and lengthy court processes once you have passed.
If I have a revocable living trust, should I also create a will?
Our trust attorneys at Klenk Law believe that a revocable living trust and a will can both serve unique purposes and be beneficial to you and your loved ones. For example, if you have minor children and wish to name a guardian to take care of them in the event of your passing, a revocable living trust is not the right place to do this. On the other hand, a will is precisely the document where you would name a guardian.
If you have any more questions regarding a Revocable Living Trust NJ, please contact Klenk Law’s reliable attorneys now.
Benefits of Revocable Living Trusts
If you decide to establish a revocable living trust in NJ, you can enjoy the following benefits:
When you are wondering what is the best option to protect your assets, as well as outline your wishes, a revocable living trust NJ law offers might be an ideal solution. At Klenk Law, we help men, women, and couples understand their estate planning options available. Through guidance and knowledge, we give them the ability to make a sound decision that supports their needs and interests both now and in the future. To explore your own options for estate planning, call Klenk Law today.
Why Should I Consider a Revocable Living Trust?
Revocable living trusts in NJ have many advantages for you, as well as your beneficiaries. First and foremost it is important to understand that when you create this type of estate planning document, selected assets (or all of them) are transferred into a trust account. When you die, these assets are not in your name; therefore, probate will be unnecessary for any of those assets. Your named beneficiaries will receive the assets as outlined in the trust. Avoiding probate is a major benefit to this trust, as well as:
Choosing a Trustee
You will be required to name a trustee. This individual will possess real responsibilities; thus, it is important to choose wisely. These tasks can be moderately simple to complex. As a lawyer would tell you, it is important to choose someone you can feel confident in for this role. Examples of trustees might be a spouse, close family member or friend, financial institutions, or a lawyer.
Will You Retain Any Control Over a Trust?
Some people delay setting up a revocable trust because of fears of losing control of their assets. As a grantor of this kind of trust, you retain full control. You will be able to make changes as you see fit. Should you still have reservations, we would encourage you to reach out to our firm to explore a revocable living trust in NJ.
Today, it’s become more common for families to wish to keep their estate-related affairs more private. If probate is involved, the process will be public. This means anyone can access the will, and selected contents of the estate. A trust is private. It safeguards your assets from probate and no one will be able to know who gets what. To learn more about our NJ revocable living trust lawyer, call Klenk Law.
Peter and the whole team at Klenk Law are top notch. They are thorough, efficient and understanding of client needs. He was able to tailor our estate planning needs just how we envisioned.
I saw four lawyers and was told by all of them; I should just forget contesting my mother's will. I knew what happened, but it is very hard to prove undue influence. I contacted the Law Offices of Peter L. Klenk & Associates. Attorney Amanda DiChello took my case. They were very honest and upfront about what would be involved trying to prove what I knew was true. Attorney DiChello may be young but she is extremely knowledgeable and skilled. She listened and understood what I conveyed to her. She knew exactly what information to use and crafted an outstanding interrogatory and many powerful depositions. Attorney DiChello understood the various emotional feelings this case created for my family and me; she was always there for us with a kind and encouraging word. We went to trial. The amount of work which she and her Paralegal did for the trial was incredible. They both knew my case inside and out! Attorney DiChello's powerful interrogative and thinking skills produced a positive outcome. Attorney DiChello did what other seasoned lawyers said was impossible!
Answered my question quickly and referred me to a colleague that could handle my problem
I contacted Peter through his website using the free consultation link for a question regarding a will. While I was expecting only a few minutes, it was a lengthy conversation. He made sure he understood the situation by asking many questions before offering advice. He then went through my options and results of each one. He left it up to me to decide if I wanted to proceed and did not push me toward one or another. His website has very useful information which I definitely researched before I called him. While I decided not to proceed at this time, I feel I had enough information to make that decision. I would not hesitate to hire him should I need to in the future.
I was referred to Peter after my divorce to put documents together to protect my assets. He suggested a number of documents that would help protect my children and their future. Also, he put together wills, power of attorney and living wills. I initially spoke with him on the phone, he took 30-40 minutes to understand my situation and explain the benefits of having such documents. After a week or two, I met with him in his office and signed the documents. Everything else was remote phone calls and emails. He re-explained these documents and what whom to share. I am in good hands.