{"id":14615,"date":"2019-11-13T14:37:02","date_gmt":"2019-11-13T18:37:02","guid":{"rendered":"https:\/\/legalcounselnj.com\/?p=14615"},"modified":"2020-04-20T17:46:39","modified_gmt":"2020-04-20T21:46:39","slug":"revocable-living-trust-new-jersey","status":"publish","type":"post","link":"https:\/\/legalcounselnj.com\/revocable-living-trust-new-jersey\/","title":{"rendered":"Revocable Living Trust in New Jersey"},"content":{"rendered":"
Revocable Living Trusts are often recommended as a way of transferring assets to loved ones, in lieu of drafting a Last Will and Testament. The benefits of such a Trust are routinely stated: the need to avoid probate<\/a>, privacy concerns and even avoidance of death taxes. While none of these stated benefits apply to residents of New Jersey, there are other more limited reasons to consider preparing such a Trust.<\/p>\n A Revocable Living Trust is created during your lifetime.\u00a0 A Trust document is prepared which describes how the assets are to be managed, and how they are to be transferred upon death. Everything you own is then placed into the Trust.\u00a0 Your house, your bank accounts, everything, is retitled into the Trust. In this way, nothing is titled into your name so that, when you die, there is nothing to go through probate.\u00a0 Your assets will be passed to your heirs as stated in the Trust document.<\/p>\n The Trust document also names a Trustee.\u00a0 The Trustee is the one who administers the Trust. If you create the Trust, you can be the Trustee.\u00a0 You can continue using and maintaining your assets just as you did before you created the Trust.\u00a0 You will also name one or more alternate, successor Trustees, who will take over if you become incapacitated, or when you die.\u00a0 The Trust document indicates how the successor Trustee will manage the assets.\u00a0 It will also state who will inherit the assets upon your death.<\/p>\n Because the Trust is \u201crevocable\u201d, you can change its terms or Trustees at any time.\u00a0 You can even revoke the entire Trust. However, upon your death, the Trust becomes \u201cirrevocable\u201d and the successor Trustee must abide by its terms. The average cost for this document is about $3,500.00 plus a new deed and other documents necessary to transfer assets into the Trust.<\/p>\n So what are the negatives to having a Revocable Living Trust in New Jersey?<\/p>\n And the positives to having a Revocable Living Trust in New Jersey?<\/p>\n Although having a Revocable Living Trust as part of your estate plan may not be as essential in New Jersey as it is in some other states, it has some benefits as compared to the extended probate process. Depending upon your circumstances, your family\u2019s needs and how you wish to pass on your estate to others, it has some benefits to consider.\u00a0 If you are interested, we would welcome the opportunity to discuss your ideas and possible solutions, and help you determine if a Revocable Living Trust is the right thing for you.<\/p>\n","protected":false},"excerpt":{"rendered":" Revocable Living Trusts are often recommended as a way of transferring assets to loved ones, in lieu of drafting a Last Will and Testament. The benefits of such a Trust are routinely stated: the need to avoid probate, privacy concerns and even avoidance of death […]<\/p>\n","protected":false},"author":5,"featured_media":13709,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[228,24,3007],"tags":[],"_links":{"self":[{"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/posts\/14615"}],"collection":[{"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/comments?post=14615"}],"version-history":[{"count":0,"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/posts\/14615\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/media\/13709"}],"wp:attachment":[{"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/media?parent=14615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/categories?post=14615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/tags?post=14615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}The Revocable Living Trust<\/a><\/h3>\n
Revocable Living Trusts: The Negatives<\/h3>\n
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Revocable Living Trusts:\u00a0 The Positives<\/h3>\n
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Revocable Living Trusts Should be Considered for Your Estate Plan<\/h3>\n