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:
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.
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.
Peter provided outstanding advice and preparation of a will and trusts.
Peter was excellent. He explained everything very clearly and is super friendly. My wife and I originally tried using a lawyer through group legal coverage, but unfortunately the old adage - "you get what you pay for" - applied to the other lawyer, and we decided to go with a real professional.
When it came down to picking the right attorney to handle my affairs, I knew right away it was this firm. From speaking to their secretary to speaking to Peter I knew I was making the right decision. After only a few mins Peter knew right away what I was looking for and handled all my questions professionally and even gave me great feedback that put my mind at ease. All that without even giving a single penny! So of course I hired him! So far so good...
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Great friendly staff
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Like another reviewer, I contacted Peter through his website using the free consultation link, for a question regarding PA inheritance taxes. The question was quite technical and difficult to explain, and the answer was nowhere to be found on the web. Peter grasped precisely what I was asking, and provided a clear, helpful response (with a touch of humor) the very next day.
Answered my question quickly and referred me to a colleague that could handle my problem
Mr. Klenk, quickly understood the circumstances presented and provided clear and concise advice. This advice provided me with the information I required to progress the case to my advantage.
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Peter provided outstanding advice and preparation of a will and trusts.
Peter explained things in a way that was easy to understand. Everything was done in the time frame he said it. Could not have been better!
You & your staff are the best thank you for everything.
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Peter Klenk made a complex subject understandable and allowed us to move forward with our estate planning. He was patient with our questions and creative in the solutions he proposed.
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Always professional and very responsive. Everyone on the staff that I have worked with. I look forward to continuing our relationship.
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