One of the reasons why it is advisable to reach out and develop an ongoing relationship with an estate planning attorney is because of the personalized attention that you will receive. Each individual is different, and every family has a different dynamic. Everyone is going to pass away someday and the wise individual is going to plan ahead intelligently.
The only way to do this effectively is with professional guidance, and in fact it is very likely that you are going to have to update your estate plan over the years. When your attorney gains an understanding of your situation while devising an initial plan he or she will be well-positioned to make the appropriate recommendations as things change in your life.
Your attorney may examine your situation and recommend a revocable living trust. These vehicles provide for an efficient transfer of assets after your passing, but you have total control of them while you are still alive. You may choose to serve as the trustee and the beneficiary while you are living and you can make changes as you see fit. As the name implies, you can even dissolve the trust if you choose to do so.
In addition to the control and flexibility that revocable living trusts provide, you can also include incapacity contingencies and this is part of the appeal as well.
The creation of a revocable living trust is an option that is available to you. To explore this and other estate planning instruments, simply take a moment to arrange for a consultation with an experienced, dedicated central New Jersey estate planning lawyer.
Alan Augulis, Estate Planning Attorney
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