You have options when you are engaged in the process of estate planning. You are not obligated to utilize a last Will to arrange for the transfer of your assets after you pass away. A lot of people are opting for revocable living trusts these days and they can be a good choice.
When you look at these trusts you see that they are not extraordinarily complicated. You have a grantor or settlor who is the individual who creates the trust, funding it and setting forth instructions in the trust agreement. The grantor has to name a beneficiary who will benefit from the resource placed into the trust and a trustee who will manage the funds.
If you create a revocable living trust you may want to serve as both the trustee and the beneficiary while you are still alive and capable of making your own decisions. You also name successors to step into these roles after your death or incapacitation.
When it comes to the selection of a trustee, a lot of people will select a trusted family member. However, if that is not an option you may utilize a professional entity like a trust company or the trust department of a financial institution. This ensures the appropriate handling of the resources, which can include making investments.
If you are interested in the possibility of creating a revocable living trust, the intelligent first step would be to sit down and discuss your unique situation with a licensed and experienced Somerset County NJ estate planning lawyer. He or she will listen attentively as you explain your wishes and help you to craft a plan that ultimately makes your vision a reality.
Alan Augulis, Estate Planning Attorney
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