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Klenk Law

Revocable Living Trust NJ Revocable Living Trust NJ

When considering the most appropriate option for protecting your assets and clearly outlining your wishes, our lawyer may recommend a revocable living trust NJ families rely on. There are several estate planning options available, and when choosing the right type of trust for you and your family, you will want to have confidence in knowing that you have made the best possible decision. Meeting with our team at Klenk Law will be critical in answering your many questions and assisting in making the best decision for your needs. 

What is a revocable living trust?

One common misconception of trusts is that they are reserved only for the wealthy elite. However, this is far from the truth. A revocable living trust is a trust that can be created in your lifetime and allows you to make changes to it without permission. Typically a trust involves three parties, the grantor (you), the trustee, and the beneficiaries. A trustee carries a significant responsibility but primarily is responsible for managing property and assets for heirs. Typically a trust will only become revocable when the grantor passes away. 

What is the difference between a revocable and irrevocable living trust?

The primary difference between a revocable and irrevocable living trust are the terms at which you can make changes. A revocable living trust allows the grantor to make changes during their lifetime while an irrevocable living trust cannot be changed without permission from the beneficiaries. 

What are the reasons a NJ revocable living trust might be right for me?

Revocable living trusts provide a variety of benefits for both you and your family. When assets are transferred into a trust account, when you pass away, nothing will be in your name, making the process of passing a will through probate unnecessary. Instead, assets are distributed to beneficiaries as outlined within the trust. Other reasons to consider a trust include:

  • Help to avoid the need for guardianship should you become incapacitated 
  • Allows for more privacy when you pass away
  • Ensures a smooth transition of assets

How should I choose a trustee?

The appointed trustee will hold significant responsibility. Not only will they be responsible for overseeing the trust, but they may also be required to do so for an extended period. Because of this, you will want to choose someone you can trust who is committed to taking on this role. While this can be a trusted family member or friend, you can also choose a financial institution to act as your trustee if you prefer. 

How much control do I have over a revocable living trust?

One of the biggest fears people have is losing control of their assets when they place them into a revocable living trust. However, as the grantor of the trust, you can still retain full control. The trust can be set up to allow you to act as both the trustee and beneficiary during your lifetime, allowing you to make changes as needed. It’s not until you pass away or become incapacitated that your successor trustee will step in to manage your final wishes in the way you have outlined within the trust.

Call Our Office Now!

When you have questions about revocable living trusts, look no further than Klenk Law. We understand the amount of pressure you may feel when it comes to protecting your assets and your estate and know that you want to do everything you can to make this process go smoothly for your loved ones. When it comes to revocable living trusts, there will typically be three parties involved. 

  • The Grantor. The grantor, also known as the trustor or the settlor, is the person who created the trust in the first place. Typically, there is one person with the title of “grantor.” That said, married couples may choose to create a trust together. 
  • The Trustee. The trustee of a trust is the person who is responsible for managing property and assets specified in the trust. Often, the grantor will name him or herself as the trustee while they are alive and pass on this title to another person when they die. The person who receives this title once the first trustee has passed away is the “successor trustee.”
  • The Beneficiaries. The trustor can name one or more people as a beneficiary to the trust. If the grantor decides to name themselves a beneficiary while they are still alive, they can receive income from the trust. When they pass away, other parties will fall into the role of a beneficiary, such as the grantor’s children. 

Making Changes to a Revocable Living Trust

As noted above, it is possible to make changes to a revocable living trust. While the grantor is still alive, they have the power to do this. For example, if the grantor has significant life changes, like getting divorced, remarried, or having children, they may choose to change parts of their trust. When the grantor dies, though, changes cannot typically be made to the trust. 

Advantages That Come with Living Trusts

When a person creates a revocable living trust, they will usually save money when it comes to expenses related to probate. Further, when the grantor dies, their property can often be quickly transferred to the beneficiaries without needing to wait too long. While there are many advantages to having a revocable living trust, it is not a substitute for a will and it can often be very advantageous for the grantor to also create a will in the event they forget to name property in their revocable living trust. 

Many families are looking for a more private process after their passing. When a will passes through probate, the process becomes public, meaning anyone can access your estate’s contents. Developing a trust not only safeguards assets from probate it also ensures a private process. Protect your rights and assets with a revocable living trust established by our New Jersey revocable living trust lawyer; schedule an appointment with our team at Klenk Law today.

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