There are a lot of misconceptions that circulate with regard to estate planning and it is understandable because the typical individual really has no experience with it. One of the ideas that gets into the heads of some people is that the creation of a trust for the benefit of your loved ones is out of reach unless you are extremely wealthy.
In fact, revocable living trusts have become very popular and they are a viable alternative to a last will even if you consider yourself to be a person of ordinary means.
Trusts carry a number of different advantages. For one thing, you can act as both the trustee and the beneficiary while you are still alive so you retain complete control of the assets throughout your life. In addition, because the trust is “revocable” you can dissolve it if you want to or change the terms in any way that you would like to whenever you may see fit to do so.
Another nice thing about revocable living trusts is the fact that you can include instructions with regard to how you would like to proceed in the event of your incapacitation. You name a disability trustee and this individual or entity will act in accordance with your wishes as stated in the trust agreement.
These are a few of the reasons why you may want to consider creating a revocable living trust. To explore the matter in more detail, don’t hesitate to pick up the phone to arrange for a consultation with a good Central New Jersey estate planning attorney.