A Living Trust Can Avoid Probate & Court Control of Assets
When you set up a living trust, you can transfer your titled assets to the trust, which you, as Trustee, control. Legally you do not own anything titled to the trust, but you as trustee remain in control. As trustee of your trust, you can do anything you could do before—buy and sell assets, change, or even cancel your trust; hence the term revocable living trust. You also file the same tax returns as nothing changes but the names on the titles. The Courts typically will not have any control either when you die or become incapacitated as the substitute fiduciaries will, and this can keep you and your family out of the Court.
Revocable Living Trust Benefits:
- Avoids probate at death, including out of state probation if you own property in other states
- Prevents court control of assets at incapacity
- Brings all of your assets together under one plan
- Provides maximum privacy
- Quicker distribution of assets to beneficiaries
- Assets can remain in trust until you want beneficiaries to inherit
- Can reduce or eliminate estate taxes
- Inexpensive, easy to set up and maintain
- Can be revised, amended or terminated at any time
- Difficult to contest in Court
- Prevents Court control of minors’ inheritances
- Can protect dependents with special needs
- Prevents unintentional disinheriting and other problems of joint ownership
- Professional management with corporate trustee of an option
Reach out as to your estate and other planning matters as now is a always a prime time to address same.
DiMedio Law is a New Jersey law firm whose practice includes Estate Planning, Administration, Business Services & Succession Planning and related Real Estate and other matters. Contact us at [email protected] or call us at 856-428-5577.
DISCLAIMER: This advisory is for general information purposes only. It does not constitute legal advice, and may not be used and relied upon as a substitute for legal advice regarding a specific legal issue or problem. Advice should be obtained from a qualified attorney licensed to practice in the jurisdiction where that advice is sought.
