Planning how to disperse of your possessions and your estate in the event of your death is never easy. However, by taking the time to meet with an estate planning attorney, you have the time and the opportunity to consider your options and develop a will or living trust that works to the benefit of your heirs.
Wills or Living Trusts
In NJ, as in the rest of the state, working with an attorney to understand the differences in a will or a living trust will be critical. For a very simple estate with limited assets and limited heirs, a will may be the best option.
All wills will go through what is known as a probate. This has associated fees and costs which will depend on the size of the estate, with simple wills under a specific dollar amount as the lowest cost to go through probate.
A living trust goes into effect when you are alive, and you can name yourself as the trustee of the living trust or name anyone else of your choice. While you are alive, if you are the trustee, you will continue to make all decisions over your estate.
At the time of your death, the living trust will come into effect, distributing the Tampa estate as per the instructions of the trust. There is no probate, providing specific criteria are met, which is why it will be important to have a specialized estate planning attorney assist you with the trust.
There can be tax advantages, less risk of the living trust being contested and allows you to determine how your estate will be handled after your death. It is possible also to stipulate when heirs will inherit from the trust, a perfect option for leaving assets to younger children or grandchildren when they are old enough to manage the funds independently. Visit Larrygoodmanlaw.com for more details.