All your life, you have worked hard to earn your money. After you are gone, you will want your assets to be distributed to the right people as per your wishes. A will allows you to do that. Contrary to what many people think, estate planning is for every adult. It is never too early or late to plan your estate. Of course, you will need to speak to a South Jersey estate planning attorney to know the various aspects and tools you can consider. In this post, we are sharing more on wills and trusts.
What is a Will?
A Will is an estate planning tool that allows you to decide how your assets will be distributed after you are gone. This allows you to avoid the intestacy laws in New Jersey, which allow for equal distribution between heirs if there is no will. There are several advantages of having a Will. Firstly, you have the right to decide how you wish your wealth to be divided. You can name property managers for properties given to your children.
The disadvantages of wills
A will must go through the standard probate process and will be entered into the public record. Also, you can use a will for assets and properties that you own in your name – not the assets in a trust.
What is a living trust?
Let’s start by saying that a living trust doesn’t have to go through the probate process like a will. This is a great estate planning tool but is a tad more complicated. Unlike a will, a living trust comes into effect immediately after it is notarized. The assets named in the living trust are transferred in the name of the trust. If you don’t want your family to go through the probate process, a living trust is a better option. Also, it is private.
The disadvantages of living trusts
To create a living trust, you need notary public, and therefore, the cost of creating the same is more than that of a will.
Get an attorney
It’s important to understand and appreciate that estate planning is for your family and loved ones. It makes no sense to do it alone when an experienced estate planning attorney can help. Your lawyer can explain your legal rights and offer advice to avoid unwanted mistakes.
You can check on Google to find estate planning lawyers near you!
