Is it time to consider the future of your assets? If you can understand this question, the answer is probably yes. People often think that estate planning, like writing a will and arranging bequests, is a matter to handle later in life. But we never know when “later in life” may be, and we often give our friends and family some security by recording our preferences.
- Is it just a matter of writing a will?
Wills are more complicated than they seem, as they need to be written in accordance with any regulations that may apply and it must be registered with the appropriate court. But a living trust is a way of letting others prepare for ownership of assets without necessarily losing control of it.
- Why would someone create a living trust?
A living trust is one of the ways that people preserve wealth and value for future generations or organizations that can use our help. New Jersey offers this option along with most other states. A person can create a single trust for himself or herself, or create a joint trust, so a spouse may also add contents.
- What do we need to do before creating a trust?
A person or family should have taken stock of all their assets that may be included in a living trust. It may also be a good idea to consult with an attorney to make sure that all the details are addressed. A trust may be a more complicated document than a will, so it deserves as much care as a person can spare.