Q: I have a will, but am interested in replacing it with a trust for my heirs.
My assets are modest; they include a house in Little Egg Harbor, now worth maybe $300,000 or less and investments of about $40,000. I live in California, so how can I set up a trust that covers my house in NJ?
House, which I bought in 2002 (or 2003) has a small mortgage, which will be paid off in three years. I have tenants in it now.
A:
Because you currently live in California, your trust would be created in California. You can transfer your NJ house to your California trust. A good estate planning attorney can handle both the creation of the trust and the retitling of the NJ house.
A complete estate plan would also include a pour-over will, a durable power of attorney for financial matters, a medical power of attorney, a living will, and more.
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