There are many different reasons why you may choose to pass on assets to your loved ones in a trust. Most people will also leave behind a will that outlines the transfer of their property but a trust has multiple benefits.
First of all, you have greater control over the property placed inside a trust as far as how its distributed to your loved ones. This can be especially helpful if you have a child who you want to receive the assets on a specific schedule. Trusts also add an additional layer of privacy when compared with a will.
One of the most common reasons that people choose to use a trust in New Jersey is because they have matters associated with their estate that they would prefer to keep private. Remember that there are many different kinds of trusts available and speaking with a New Jersey estate planning attorney can help you identify how your needs match up with the types of trusts you can use today.
A trust can be an extremely helpful planning tool to accomplish goals both during your life and after you pass away. Assets placed inside a trust often have the additional benefit of being shielded from a beneficiary’s creditors down the line. Set up a meeting with your New Jersey estate planning attorney today to learn more about how a trust can help you and your loved ones.