Q: We are interested in creating a Living Trust in NJ. Asset=House to 2 children, Bank accounts = to 2 children. What is t
Asset=House to 2 children, Bank accounts/annuity = to 2 children. What is the process/concerns. Would like to avoid probate. Or should we create a different document?
A: Firstly, probate in NJ is very simple and not complicated. I do not suggest irrevocable trusts as life is uncertain. With an irrevocable trust, the grantor (creator of the trust) loses substantial control of the assets. Thus as life's needs changes, the grantor may not be able to change the terms of the trust to meet the unknowns that are now not expected nor imagined.
A: Unless you are willing to give them all your assets now a living trust in NJ doesn't really accomplish avoiding probate in most cases in NJ. They are great outside of NJ, but not in NJ and thus the reason they are rarely used in NJ. Other process's however may accomplish your goals. Don't fall prey to the online scams promising you no probate and then in the fine print say get a lawyer we make no guarantees. You Always have to read the fine print.
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