A Living Trust Attorney can help you create a legal document that helps you to plan how your assets will be passed on after you pass away or become incapacitated. This kind of estate planning document can also be used to protect your assets from probate fees and taxes.
A Trust is a legal agreement between you and another party, called a trustee, which governs how your property will be distributed in the event of your death or incapacity. The terms of a Trust may specify how you want your property to be distributed, who should act as your trustee and what duties they should perform.
It can be very helpful to have an attorney help you with a Trust because of the many important details that must be addressed in this type of estate planning. A lawyer can ensure that the terms of a Trust are accurate and that you have properly designated all beneficiaries.
The most important benefit of a Living Trust is that it can avoid probate if your estate is valued at $50,000 or less. This is especially important in Texas, which does not enforce the Uniform Probate Code, and which allows a simplified probate process if the estate is worth this amount.
Another major advantage of a Trust is that it provides protection against the claims of creditors. If you own assets such as real estate, stocks or mutual funds, and have them in a Trust, the creditors of the decedent cannot go after those assets. This makes a Living Trust an excellent asset protection tool for you and your family.
It can also be useful if you have a minor child who is facing an uncertain future. This type of trust can protect the property of your child by allowing you to leave them property in the name of the trustee until they reach the age of majority (usually when they turn 18).
A trust is not for everyone, but it is an effective estate planning tool if you have children, significant assets and/or special needs. Contact an experienced New Jersey trust lawyer to learn how to use a Living Trust to protect your loved ones and your legacy from unnecessary taxation or other pitfalls.
If you have questions about a Trust or need an Estate Planning Attorney to help you create one, we encourage you to schedule a free initial consultation with us today. Our experienced lawyers can answer any of your questions and guide you through the estate planning process.
We are available to meet with you in our offices in New York City or at your home, and we offer affordable packages to make it easy for you to get started. Our goal is to ensure that your life is peaceful and that you and your loved ones are prepared in the event of an unexpected death or disability.
You can create your own trust, but you might be surprised at how complicated it is. A simple trust can cost you a few thousand dollars, while a more complex one can run into the thousands of dollars.
