Trust Lawyer Elizabeth, NJ
Preparing for the future is something that many people put off until the very last minute, but it’s helpful to get started with estate planning as early as you can. Estate planning is not limited to the wealthy. Making decisions about your assets and wealth can be a difficult and long process, but you can get it done quickly and efficiently with the help of a skilled lawyer. One thing you may want to include as part of your plan is a trust, which helps you bypass the probate process. Reach out to an experienced and competent trust lawyer that the Elizabeth, New Jersey community looks to for legal assistance.
Trust Lawyer in Elizabeth, NJ
The reliable and highly skilled legal team at Theus Law Offices have years of experience helping clients with the estate planning process, which can be complex. If you need personalized legal assistance to establish your trust, you can depend on a top lawyer to help. We can help you develop the right estate plan for you no matter what your goals are. Schedule an appointment with us today to receive help.
Setting Up a Trust
A trust is an essential legal document and is an important part of estate planning. The purpose of establishing a trust is to protect your assets so that they are distributed to the loved ones and individuals you name.
There are a few different types of trusts: testamentary trusts and living trusts. A testamentary trust is made at the same time as a last will, and will not become active until the settlor’s death. In contrast, a living trust can be made while the settlor is alive, and are labeled as revocable or irrevocable. Talk to a lawyer to learn more about the two types and see which one is appropriate for what you are trying to achieve.
The Role of a Trust Lawyer
Hiring a trust lawyer that Elizebeth, NJ residents rely on can help you create your trust properly without issue. They will oversee the process and make sure that all your information is correct and accurate, and the trust will be legally recognized. A trust is a legally binding document so it’s crucial that every step is done right. Any mistakes can lead to costly delays and can be difficult to fix. If you are unclear about any part of establishing a trust, or any estate planning topic, they can answer your questions.
Questions You May Have
Estate planning involves many factors, and what you plan looks like depends on your goals and circumstances. Some questions you may have regarding trusts may include:
- Should I create a trust?
- How does a trust protect my assets?
- Can I have multiple trusts?
Not everyone may need a trust, but if you are not sure, it would be beneficial to speak to a trust lawyer and explain your circumstances. They will be able to give you legal advice about whether or not a trust is right for you. Contact a qualified trust lawyer that Elizabeth, NJ residents trust for assistance with trusts and estate planning. Call Wade Suthard, P.C. now.
It’s important to leave a lasting legacy, and an Elizabeth, NJ trust lawyer can help. Read on to see some frequently asked questions about trusts, and get in touch with Theus Law Offices for a free consultation.
What’s The Difference Between A Will And A Trust?
When it comes to estate planning, you’ll often hear about wills and trusts. They’re both excellent methods of ensuring your assets are distributed amongst your family and friends, but they have their own pros and cons.
At its most basic, a will is a list of assets and beneficiaries, complete with instructions regarding who should receive what, and who should handle the entire process. A trust operates very similarly, but with a trust, a third party manages your assets.
What Are The Advantages Of A Will?
A will has certain advantages over a trust. They’re much simpler to set up, which makes life much simpler for you. When a will is created, it’s done – no need for management during your lifetime. While this makes a will an enticing option, wills do carry some complications later on.
Unfortunately, while a will is typically easy to set up, they can cause some problems down the line. Unlike a trust, a will is contestable, which means your beneficiaries may end up fighting over your assets during probate.
What Is Probate?
Probate itself can be a headache. When you die, your assets don’t just magically appear on the doorsteps of your beneficiaries. There’s an entire process that must be followed before your friends and family see a single cent of what you’ve left behind for them, and that means plenty of legal red tape.
Probate involves notifying all of your beneficiaries, tracking down all of your assets, and having your assets valued by an independent party. There’s fees and taxes to be paid, and at every step of the probate process, one or more of your beneficiaries may contest your will. Probate can be lengthy and complicated, so it’s worth exploring ways to avoid it altogether.
What Are The Advantages Of A Trust?
One of the biggest advantages of a trust is the ability to cut probate out of the picture completely. A trust is uncontestable, which means the instructions included in the trust are set in stone and can’t be challenged or disputed. Leaving behind a trust makes life easier for your loved ones, but trusts do take a bit of extra management.
Unlike a will, a trust requires a degree of management and updating throughout your lifetime. Fortunately, you can get in touch with an Elizabeth, NJ trust lawyer who can help.
Why Do I Need A Trust Lawyer?
It’s possible to set up a trust by yourself, but it’s not advisable. A trust (and any other kind of legal document) requires an experienced legal eye. If you don’t consult with a lawyer when creating a will or trust, you may leave your assets vulnerable after your death.
The right lawyer can protect your legacy. Having an experienced legal advisor on hand while you create your will or trust can help you protect your assets and your beneficiaries, and an experienced legal advisor can help you decide between a will and a trust in the first place.
It’s never too early to start planning ahead. Get in touch with Theus Law Offices today, and see what an Elizabeth, NJ trust lawyer from our office can do for you.