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Revocable Living Trust NJRevocable Living Trust NJ

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:

  • Avoid Probate: Probate is a legal process that proves a will valid.  In New Jersey,  the process is straightforward. However, the process in certain circumstances can be long and costly. If you create a revocable living trust, your loved ones may be able to avoid probate altogether. This may be especially beneficial if you own property in more than one state because they can avoid multiple probate proceedings. Your family members will also have instant access to your bank account, so they can easily pay for funeral costs and other important expenses.
  • Maintain Privacy: If you are a private person, you have another reason to consider establishing a revocable living trust. Wills have to go through probate, which is a public proceeding. Anyone can go to the courthouse and see the contents of your will. They can find out who received what assets and other private information. If you have a revocable living trust, your personal information will stay private.
  • Save Money: A revocable living trust in NJ is a more complex legal document than a will, which will initially cost more money to establish. However, a living trust may help your estate save more money in the long run. A living trust is likely to hold up better than a will if someone decides to challenge the estate, so your estate will have more money.  Feel free to contact us to discuss which option fits your needs best.
  • Assist in the Event of Incapacitation: If you become mentally or physically incapacitated, you will be happy to have a revocable living trust. The person you select as your successor trustee will be able to manage your financial and legal affairs without the court getting involved. After all, you don’t want a stranger making important decisions on your behalf. The person you appoint as your trustee should be honest, financially savvy, fair, and organized.
  • Provide a Peace of Mind: As long as a skilled estate planning lawyer establishes it, a revocable living trust provides a clear plan for dealing with your assets. Your heirs won’t be left in the dark about anything. This can help you avoid accidentally disinheriting someone or providing care for a family member with special needs. You can have peace of mind knowing that everything will be handled exactly as you want after you are gone.

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:

  • Avoiding the need for guardianship in the event you become incapacitated
  • Your estate matters remaining private after your passing
  • Ensuring a smooth transition of your assets
  • Potentially less legal/court costs during the distribution of your estate

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

Common Myths About Revocable Living Trusts

If you are thinking about creating a revocable living trust in NJ, it is important to know all the facts. Here are some common myths you should not believe about revocable living trusts:

  • A Revocable Living Trust Protects Your Assets from Lawsuits: Some people who establish revocable living trusts assume that they do not have to worry about lawsuits. However, this isn’t true at all. Just because you created a revocable living trust, doesn’t mean that creditors can’t come after your assets. If you owe them money after you die, they can sue for your assets.
  • A Revocable Living Trust Is Only for the Wealthy: Another common myth about a revocable living trust is that you must be a multi-millionaire to have one. If you have any assets at all, you can benefit from having a living trust. In fact, many people underestimate their net worth. If you own a home, have a life insurance policy or retirement account, for example, it may be worth it to establish a living trust.
  • A Revocable Living Trust Reduces Tax Liability: While it would be nice if a revocable living trust reduced estate taxes, it is not the case. The truth is that these trusts are subject to the same estate taxes if they weren’t in a trust.
  • Once You Create a Revocable Living Trust, You Don’t Have to Worry About Probate: Simply establishing a revocable living trust in NJ is not enough to avoid the probate process. If your goal is skip probate, you must fund your trust. This is when you transfer your property into the trust’s name as the new owner.
  • If You Have a Revocable Living Trust, You Don’t Need Other Estate Planning Tools: A revocable living trust is an excellent estate planning tool. However, it is not the only tool you need. A sufficient estate plan should also include a will, power of attorney and advance medical directives.
  • You Must Give Up Control of Your Assets: Some people may be reluctant to establish a revocable living trust in NJ because they assume they will have to give up control of your assets. This is not true. Although the trust will be the legal owner of your assets, you don’t have to give up any control of your property. You are allowed to change the terms whenever you want.

Why You May Need a Will and a Trust

When it comes to your estate plan, you may hear a lot of conflicting information. Some may say that a will is enough, whereas others may tell you that you should trust instead of a will. In some cases, a trust is more beneficial than a will, but not in all instances. Sometimes, you may need both a will and a trust. Here is what you need to know about both.

Reasons to Establish a Trust

If you have a trust, you essentially change ownership of different assets. This can be your home, money or other property. You can choose yourself as a trustee or pick someone else to manage the estate. If you die or become incapacitated, the trustee would take over and manage your affairs. He or she can do this without going through any court processes.

When you have a trust, your family can avoid probate. Some estates, however, are small enough to avoid probate. One of the biggest benefits of having a trust is that you do not have to worry about your estate becoming a matter of public record. When you have a will, the process is public.

Reasons to Have a Will

You can have a will and a trust at the same time. You should use a trust for major assets, but you can use a will for smaller collectibles or objects. For example, if you have heirlooms or a china collection, you may want to use a will. Wills can also be used to list your wishes for the future or after you die. For example, if you have funeral wishes or have young children who may need a guardian, you need a will.

When you have a will, you can be more specific about your wishes. If something happens to you and you have young children, you need to input what happens with them.

If you’re working on an estate plan, you do not necessarily have to choose between a trust and a will. Trusts are not always better than wills. In fact, many people may need both to protect their assets adequately. If you aren’t sure which vehicle to use for your estate plan, consult our revocable living trust lawyers, call Klenk Law. We will guide you through the process of setting up a trust or drafting a will for your estate plan. In addition, we will ensure you use the proper estate planning vehicle.

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