Asked in Estate Planning for New Jersey

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?

Related Topics:
2 Lawyer Answers
Morris Leo Greb
Morris Leo Greb
Answered
  • Estate Planning Lawyer
  • Rockaway, NJ
  • Licensed in New Jersey

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.

H. Scott Aalsberg
H. Scott Aalsberg
Answered
  • East Brunswick, NJ
  • Licensed in New Jersey

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.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.