Living Trust or Will? Which is For Me?
People who are creating an estate plan may want to consult estate planning attorneys in New Jersey. While there are do-it-yourself estate plans available, using these types of plans can result in errors in legal language or other mistakes that make the estate planning documents difficult to understand or invalid. An attorney also may be able to explain whether a person needs a will or a living trust.
A will has to pass through probate, and this means that assets cannot be accessed and administered immediately when a person dies as is the case with a living trust. There are also additional costs associated with the probate process, such as fees payable to the applicable Probate Court. However, living trusts may be more expensive initially to create and implement. For a simple estate plan that does not have many assets or complications, a will might be the right choice, but an attorney can advise for certain, especially if you live in New Jersey. Estate planning attorneys in New Jersey can help a person write a legally binding will.
Some people may be under the impression that trusts are only used by wealthy families, but this is not the case. While trusts are usually critical for people who are very wealthy, they can be a useful inheritance tool for people with more modest assets as well. Harwood Lloyd’s estate attorneys can review the many types of trusts based on a person’s situation. For example, a person who is concerned about a family member who might be irresponsible with a lump sum inheritance can create an irrevocable trust that only allows distributions at certain times or at the direction of the trustee. A trust can also be used to help support a loved one with who has special needs without affecting the benefits available to that person, to protect funds from creditors and more. There are many different kinds of trusts and rules about them, and an attorney can guide a person through this.
Creating the right estate plan is crucial to ensure that a person’s wishes are carried out. Harwood Lloyd’s estate attorneys can help ensure that this is the case.