Revocable And Irrevocable Trusts Centered Around Your Priorities
Every individual’s financial picture and personal goals are distinct, which is why trust planning should never feel automated or transactional. Whether you choose flexibility, long-term protection or a bit of both, the right choice simply comes down to what matters most to you and your family.
Since 2013, the Law Offices of Peter G. Aziz & Associates LLC has worked directly with families at every stage of life. It is completely natural to be uncertain about how different trust structures work. As your estate planning attorneys, we will make sure to answer your questions clearly and transparently, ensuring you walk away with absolute peace of mind.
What Is A Revocable Trust?
A revocable trust is one of the primary types of trust structures available under New Jersey law. But let us start smaller by defining a trust, which is a legal entity that you can create to hold your assets outside of your personal estate. A revocable trust is one that you create while you are alive, and you can update its terms and funding with relatively little difficulty.
Revocable trusts serve an important purpose, as they allow you to maintain access and control of your assets even if those assets are no longer – technically – in your possession. They also allows you to create trusts for other purposes.
However, since you retain control of the assets in this trust, there are some technical uses that it simply does not qualify for, and that is where an irrevocable trust comes in.
How An Irrevocable Trust Helps Families
An irrevocable trust is one where control of the assets and the ability to change terms and funding sources is left with trustees, not the person who creates it. These trusts can be used for such things as special needs trusts or long-term spendthrift trusts. In fact, unless stipulated, a revocable trust becomes an irrevocable trust when the person who created it passes away.
The trust, being separate from the person’s estate, then bypasses probate entirely, as well as estate taxes. It protects wealth from being It shields wealth from the delays, costs and complications of probate proceedings.
Call Our Office Today To Discuss Your Strategy
Every strong estate plan begins with a simple, open conversation. As your trust attorneys in New Jersey, we will work closely with you to ensure your plan is reliable, intentional and built around what matters most to you. Reach out today by calling us at 973-869-5765. You can also send us a message through our website to schedule an appointment.