August 11, 2016

One of the most beneficial steps you can take in your estate planning process is to put together a living trust. This helps to avoid the probate process entirely, eliminates court control, unnecessary taxes and helps to retain your privacy. Many different kinds of trusts are available for people across the U.S., but you should have a conversation with your estate planning attorney about what tools are recommended for your situation. 

A living trust can be controlled entirely by family members and can be resolved in a matter of weeks. This is just one of the benefits of using a living trust. This is especially important after a loved one passes away, since there is already a high level of stress and the challenges of coping with the emotions of a lost loved one.

The average time for the probate process in states across the U.S. is between 9 months to 2 years, which can add to your loved one’s frustration and make things difficult for them in the interim. The probate process is also a very public domain, so anyone who has the interest can go to the courthouse to identify your estate’s value and to determine how it was distributed. If you value privacy, then this is a valuable tool to use.

Contact a New Jersey estate planning attorney if you’re thinking about how a living trust can help you.