You may feel as though a living trust is something that is only useful for people who have extraordinary means. Indeed, if you are in possession of a considerable amount of wealth such a trust could be a useful part of a comprehensive estate plan.
However, you do not have to be a Hollywood movie star or a titan of industry to benefit from a living trust. Below are three reasons why such a vehicle may be the right choice for you.
Control & Flexibility
The individual who creates the trust can act as both the trustee and the beneficiary while this person is still alive and in full control of his or her faculties. So if you fund a revocable living trust you have complete control of these resources. And, you have the flexibility to alter the terms of the trust or even dissolve it if you want to and this is part of the appeal.
When an estate is administered through a living trust the goings-on are private. When you use a last will it can become a matter of public record and anyone who is interested could obtain court records and dig into your final affairs.
Account For Possible Incapacity
You can name a successor trustee of your own choosing who would be empowered to handle your finances in the event of your incapacitation. This can prevent guardianship or conservatorship proceedings.
The best way to decide how to proceed when you are making preparations for the inevitable is to explore all your options with the benefit of professional advice. Should you be interested in doing so, right now would be a good time to pick up the phone to arrange for a consultation with a seasoned, savvy Central New Jersey estate planning lawyer.