Trust Lawyer Teaneck, NJ
If you need legal advice about what a trust is and what it can do for you, then contact our team at Kaplan Law Practice, LLC today. Trusts are useful in estate planning, protecting your assets, and avoiding probate. Many people have heard the term “trust” before, but they don’t know what it is, how it works, and whether they should include it in their estate planning. Here we have discussed in further detail what trusts are and how they can be beneficial for you. However, if you have questions about your individual circumstances, then we suggest contacting our Teaneck, NJ trust lawyer for more information. We can speak with you today!
Why Have A Trust
There are many reasons to develop a trust document. Maybe you want to offer financial assistance to a loved one, such as aging parents, a spouse, children, or your favorite charity. Or, perhaps you are worried that a beneficiary won’t be able to manage and spend the money in a mindful way. In both these situations, you can structure your trust so that your money is used in the way you want it to be. You can also create a trust where the creditors of a beneficiary cannot reach the trust assets to satisfy their debts and liabilities. Furthermore, you can include verbiage in a trust so that a beneficiary cannot demand payment of trust principle without the trustee’s consent. As our dedicated trust attorney explains, these are all specific scenarios, but for most people, the general benefits of having a trust are listed as follows:
- Avoids probate
- Flexibility
- Privacy
- Asset protection
- Tax benefits
- Control over your wealth
- Protect beneficiaries
- Incapacity planning
- Availability of assets at death
- Customize distribution of wealth
- Address family dynamics
Revocable And Irrevocable Trusts
There are two main types of trusts, which are revocable trusts and irrevocable trusts. The former allows you to have control over the trust and the assets you place into it. You can be your own trustee, change the terms whenever you want, add or withdraw assets at any time, and appoint a successor trustee who would take over if you no longer want to manage it or are not able to serve as the trustee due to incapacity. Irrevocable trusts allow you to permanently remove assets from the estate and may only be altered under very specific circumstances.
Kaplan Law Practice, LLC
If you are just getting started with estate planning or need to make updates to your current documents, don’t hesitate to contact our team at Kaplan Law Practice, LLC for support. We know that planning for the future is important to you, and we can give you insight into useful documents that can make a difference for you and your family. Our Teaneck trust attorney is happy to guide you through the process or answer any questions you may have. We are prepared to be of service as soon as you are ready to begin! We hope to hear from you at your next convenience.