Why do New Jersey residents make the choice to include a trust in their estate plan? Well, for starters, as previous posts here have mentioned, a trust can be a great way to make sure that your assets are passed on in the most efficient way. For some, the main goal is to avoid probate court. For others, it is to minimize tax exposure. Whatever the reason, in many cases trusts can be a great tool to include in an estate plan.
But, when it comes to trusts, it is important to make the right choice. If a mistake is made, say, with an irrevocable trust, you may not have an opportunity to correct that mistake. And, as our readers probably know, there can be quite a few options when it comes to trusts, not only in deciding between irrevocable or revocable trusts, but also in choosing between options like spendthrift trusts, testamentary trusts, constructive trusts or charitable trusts.