Trust Lawyer NJ
What is the Difference Between a Trust and Will?
Most people don’t like to think about creating their estate plan, as a trust lawyer NJ residents rely on knows only too well. However, it is wise to have your future planned and thought out thoroughly as soon as possible so that you don’t have to worry about it anymore and can feel comfortable and confident in knowing that your wishes are down in writing. Even though it isn’t the most fun thing to think about and take care of, it will make things much easier for your family if they know your exact wishes so that they can ensure that things are being done as you wanted and minimize any fighting that could take place otherwise. Don’t wait to call us at Kaplan Law Practice, LLC and schedule your initial consultation to either get started on your estate planning or make changes to your existing estate plan, trust, or will.
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One of the main differences between a trust and a will is timing. A trust goes into effect as soon as you sign everything and fund it. A trust consists of money at any amount that you choose and can have many stipulations if you choose. Your NJ trust lawyer can explain all your options and explain your best strategies for estate planning when they know what your goals and wishes are. You can require that the beneficiary be a certain age when the funds are given, the funds to be paid out in specific amounts, and more.
A will is a “simple” legal document that goes into effect as soon as you pass away. It can include where you want your remaining funds and items to go, letters to loved ones, and more. Disbursement of your assets, and possibly explanations of your reasons for leaving certain things to certain people or organizations, can all be included in a will and is one of the main purposes for a will. Your will can be carried out by your executor (you can name a person you trust for this role) and your lawyer, thus ensuring that it is carried out as you have written it and wish it to be, no matter how anyone feels about it. You have worked hard for your assets and money and should have the final say on where they end up, so make sure to have a will in order and legal.
Call Our Trust Lawyer Today
Whatever your trust and estate planning desires are, your NJ trust lawyer from Kaplan Law Practice, LLC can help you achieve them and make sure that your wishes are being carried out. If you wait too long to get things down in writing and legal, it may be too late, and the state will get to control your assets. Starting early will also give you time to think about what you want as your lawyer asks you questions for how you want things arranged. Call us today to schedule your initial appointment to get the ball rolling and working through your wishes and desires.
Not many people view estate plans as an important task that they need to do to protect their wealth and future, as you can find out from a seasoned trust lawyer NJ residents look to for legal advice. In fact, many people believe that estate plans do not apply to them and think of them as only for the super rich. However, regardless of how much you make or the size of your estate, estate plans are critical for protecting your assets and communicating your preferences for your care as you age. Trusts are just one tool that you can consider if you are setting up an estate plan to protect your wealth. A skilled and knowledgeable trust lawyer can guide you on the many things there is to understand about estate planning, because it is such a complex topic.
Why Estate Planning Is Recommended
Estate plans are not just about you, but they are about the protection of your entire estate and the security of your family. If you have any assets that you intend to pass down to loved ones or charitable organizations, preparing an estate plan is highly recommended. WIthout an estate plan, the government will not consider your wishes regarding how to manage and distribute your estate. If you hope to keep your voice, you need to make an estate plan that is clear and detailed so that you can successfully describe how you want your estate to be taken care of after your death. Your loved ones will appreciate this as well because they will not have to do the difficult work in seeking legal control of your assets.
Estate Planning: FAQs
Speaking with a trusted NJ trust lawyer can be beneficial for a host of reasons. If you’re thinking about establishing a trust, you may or may not already have a comprehensive estate plan in place. If you don’t yet have a complete, updated estate plan at your disposal, the knowledgeable legal team at Kaplan Law Practice, LLC can assist you with this process in addition to helping you with the execution of your trust-related needs.
What documents make up a comprehensive estate plan?
Virtually all adults need to have the following estate planning tools in place – and current – at all times: A will and/or revocable living trust, a power of attorney designation (general and/or healthcare), a living will or advance healthcare directive, and a digital estate plan. Other tools, like a guardianship designation for minor children, may be necessary depending on an individual’s circumstances.
How often do estate plans need to be updated?
You’ll want to connect with the trust lawyer team at our firm to update your plan as often as your needs, preferences, and/or life circumstance make updating your documents necessary. The long and short of it is, if your needs or preferences have changed so dramatically that you no longer wish to have your documents remain legally-enforceable as they currently stand, you’ll need to update them. Otherwise, you’ll risk having the courts enforce the current version of your estate plan instead of an altered version that accurately indicates what it is you really want.
What is digital estate planning?
Digital estate planning concerns the management of an individual’s online footprint after they die or after they’ve been incapacitated by illness or injury. Take a moment to think about all of the accounts you access online every day. In the event of your death or incapacitation, someone will need to maintain or close these accounts, transfer assets stored within them, etc. Digital estate planning will allow you to leave detailed instructions in re: how your digital assets should be handled.
Do young adults need estate plans?
As soon as someone turns 18, they need to consider drafting all foundational elements of an estate plan. Otherwise, the state will decide how their sentimental property and assets are distributed in the event of their death, who gets to make medical decisions on their behalf in the event of their incapacitation, etc. Estate planning isn’t just for older, financially-established adults.
Do adults who don’t own much property need estate plans?
It’s important to speak with the trust lawyer team at Kaplan Law Practice, LLC about your estate planning needs even if you haven’t acquired much wealth. All of the reasons noted above in re: why young adults need estate plans apply to adults of all ages, regardless of circumstance.
Certainly, if you don’t have much wealth, your estate plan may not be as complex as it could be. However, you’ll still need to execute basic estate planning documents to better ensure that your wishes are honored whenever your estate plan becomes relevant business for your loved ones.
Is A Trust Right For You?
A trust is a method of protecting assets for later use and specific purposes. It is one of the most common ways to protect a large amount of money. As a NJ trust lawyer can explain, trusts are one of the most efficient tools of a strong estate plan. Many people choose trusts because they get to retain control of the amount to place in the trust and the terms and conditions regarding how it can be used and who can assess the money. As soon as a trust is signed, it is valid right away. It is a convenient and secure method of managing assets that you want to hand down to specific loved ones.
Another key advantage of trusts is that they allow you to skip the probate process. Probate is when the validation of a will and the distribution of an estate is overseen by a court. When your loved ones have to wait for probate to be complete, it can take a long time for assets to be distributed. You can protect your privacy, minimize your expenses, and expedite the transfer of assets to your loved ones by not going through probate.
ESTATE PLANNING: FAQS INFOGRAPHIC
Legal Advice is Available
A trust may be the right option for you if you are thinking of establishing an effective estate plan. Find more information about how you can set up a trust by scheduling a consultation with a qualified NJ trust lawyer at Kaplan Law Practice, LLC.
As a NJ trust lawyer from Kaplan Law Practice, LLC knows, most people have heard the term “trust” being used before, but aren’t sure how it works and whether they do or do not need one. Trusts are used in estate planning as a way to protect assets and plan for the future. Maybe you want to offer financial support to a spouse, aging parents, children, or a charity. If so, then a trust will accomplish this goal for you. Or maybe you are worried that a beneficiary may not spend their money wisely, in this case a trust is a useful way to add more structure or expectations. Here are a few reasons why you may want to write a trust:
Trusts Can Provide Tax Benefits
Trusts may be irrevocable or revocable, meaning that they can be changed after creation, or not. You have the option to make edits to it after signing, but based on the terms, it may or may not help with tax benefits in the future. By comparison, an irrevocable trust is one that cannot be changed once the agreement gets signed. If you transferred assets from within the estate, there may be a tax transfer benefit that you are eligible for with an irrevocable trust. The financial contributions you make to the trust are usually subjected to gift tax rules through your lifetime.
Trusts Offer Asset Use Parameters
While establishing a trust, you will have the ability to customize your wishes, such as conditions for how assets will be used or age attainment provisions for beneficiaries. You may decide to limit how much funds from your assets a beneficiary is to receive each year, especially if they are someone who may need extra guidance when managing their finances. Your NJ trust lawyer can walk you through different scenarios and possibilities before devising the final version of your trust document.
Revocable Trusts Help During Disability or Illness
When someone passes away, their will goes into effect. But with a revocable trust, your family can come to your aid if you were unable to manage your assets because of injury or illness. If this does occur, your chosen trustee will make distributions for you, file tax returns, pay bills, and deal with other financial tasks. Of course, no one enjoys thinking about what they want to happen in situations like this, but it’s crucial to make sure your wishes will be followed.
Trusts Allow For Change
If you decide to write a revocable trust, you can alter the terms of the agreement at any time of your choosing by executing an amendment on the document. This allows more flexibility for changes to life’s circumstances. Perhaps in later years you will become involved in a charity organization, have a grandchild, get divorced, or get married. These are all valid reasons for needing to update a trust.
If you want to hear more about the benefits of a trust or other estate plan documents, don’t hesitate to contact a NJ trust lawyer from Kaplan Law Practice, LLC today.