Four Advantages of Using a Revocable Living Trust as Part of Your Estate Plan
Are you preparing to set up or revise your estate plan? You may be considering using a revocable living trust. These trusts can be a cost-effective, efficient way to manage assets. Indeed, many people in New Jersey can benefit from using a revocable living trust as part of their estate plan. At Poulos LoPiccolo PC, we have extensive experience with trust planning. Here, our New Jersey and New Yorn estate planning attorney highlights four advantages of using a revocable living trust.
- Assets Within Your Living Trust Will Avoid Probate
In New Jersey, one of the primary advantages of setting up a revocable living trust is that assets placed within the trust are not subject to the probate process. Probate can be a lengthy, potentially frustrating process. There is also a higher risk of conflict arising during probate. Avoiding probate with a living trust can save beneficiaries time, money, and headaches. When probate is avoided, beneficiaries can also help heirs get access to assets more quickly.
- Unlike a Will, a Living Trust is Not Part of the Public Record
A revocable living trust offers a layer of privacy that is not available with a traditional will. In New Jersey, wills must go through probate and, as such, they become part of the public record. Any person can access details about the deceased’s assets and beneficiaries in probate. A living trust, however, does not go through probate. It remains confidential. Privacy can be a big benefit.
- A Revocable Living Trust Can Be Changed at Any Time
Flexibility is a key feature of a revocable living trust. Owners of a revocable living trust in New Jersey can alter the terms of the trust, change beneficiaries, or even revoke the trust entirely as their circumstances or intentions change. Indeed, with a revocable living trust, you do not lose any control over your property or assets. Adaptability is crucial for accounting for life’s always-shifting circumstances.
- Revocable Living Trusts are Not Overly Expensive or Complicated to Set Up
A downside of setting up a trust is that it is more complicated than a will. With that being said, contrary to common misconceptions, establishing a revocable living trust in New Jersey does not have to be overly expensive or complex. While there is some upfront cost and effort involved in setting up the trust and transferring assets into it, these are actually the most simplified straightforward type of trust. Given the long-term benefits, a revocable living trust is a great estate planning tool for many people and families in New Jersey.
Contact Our New Jersey and New York Estate Planning Lawyer Today
At Poulos LoPiccolo PC, our estate planning attorneys have extensive experience setting up revocable living trusts. If you have any specific questions or concerns about revocable living trusts, we are here to help. Contact us today for your strictly confidential initial consultation.
