Everything About Living Trust NJ
This article will contain all the information you need to set up your revocable living trust in New Jersey. Scroll down to see how our AI is revolutionizing the estate planning process!
What Is a Living Trust?
A living trust is an estate planning document that is created while the author or owner of the assets is still alive. These trusts can be revocable or irrevocable. Revocable trusts can be changed at any point while the author is still alive, while irrevocable trusts are essentially non-alterable, except under extreme extenuating circumstances.
Should I Write a Will or Trust?
The reason people might choose a living trust over a will is to avoid probate. Probate can become complicated and lengthy if the will is contested or if there is a court error. It also means that the transfer of property to the beneficiary will take a long time.
Trusts on the other hand, become active immediately once officialized. Assets within a trust can be transferred immediately upon the death of the author, if that is what they wish.
What is probate like in New Jersey?
New Jersey uses the Uniform Probate Code, so the process of probate is simplified — especially in the case of smaller estates. This means going through probate in New Jersey will likely be faster and simpler than in states without the code. Since 2018, New Jersey no longer collects its own estate tax. Federal taxes will apply if the estate is worth more than $12 million USD. Nevertheless, a living trust may be a better option if you would like to skip probate altogether.
Should I Pick a Trust or Will in New Jersey?
The table below shows the pros and cons between a trust and a will:
Top estate planning firms in New Jersey
If you wish to seek out professional legal assistance, here’s a list of some of your options:
- PCSB Attorneys
- Kenneth Vercammen & Associates, P.C
- The Law Office of Martin Liberman
- Lasar Law
- DiMedio Law
- Petrelli Law
- Law Office of Donald B. Mark
Elements That Make Up a Living Trust
- Trustee or Executor. You’ll need to know who you want to be your trustee, or executor. This person will carry out your wishes and treat all beneficiaries equally. They will keep track of all of the assets in your trust after your passing and make sure everything ends up where it should go. In some cases, the assets will get doled out immediately, while in others, the executor must oversee them throughout a long-period of time.
- Assets.You should have an idea of which assets you wish to include in your trust. If you have specific assets that need to go to specific people (your beneficiaries), note that as well.
- Deeds or information for your properties. You’ll need some information about your assets. Try and collect as much legal documentation as possible.
- Beneficiaries. Your beneficiaries are the people that will receive your assets.
- Residuary Beneficiaries. Residuary beneficiaries are beneficiaries that do not receive specific assets, but rather receive a share of what is left in the trust after specific assets have been given to the beneficiaries.
Create a Living Trust With DoNotPay
If you’re ready to start creating your revocable trust in New Jersey, choose DoNotPay’s Revocable Living Trust product. Our software is designed to make it as easy as possible for you to draw up a revocable living trust and get it notarized to become active. In only three steps, DoNotPay will deliver a downloadable PDF of the trust to you:
- Log-in to DoNotPay and open the Revocable Living Trust service
- Answer questions about yourself, assign your trustees and beneficiaries, and tell us which assets and properties will go under the trust.
- Download the PDF that will be ready for you in seconds! You can get the document signed by a notary public or use DoNotPay’s Notarize Any Document product.
The living trust will contain the laws specific to the state of New Jersey. How easy was that?
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