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Attorneys can be good sources of information about trusts

An estate plan can include a number of legal devices, including one or more trusts. As earlier posts have discussed, New Jersey residents can create trusts that are revocable or irrevocable; that function only at their deaths or that are organized as living trusts. How a trust is organized and who manages it can make a big difference in whether it achieves the trust creator's wishes.

Unfortunately, not all people who desire to create trusts get the best information available. A variety of organizations sell individuals pre-made trust documents that, on their surfaces, may appear relevant to the buyers' needs. However, these pre-made trust documents are often jammed with stock language and clauses that may or may not have any pertinence to the buyers' intentions.

When looking into making a trust, it is important that the creator understands what she is making. A trust gives and takes away rights to property and can change the pattern of intestacy observed in one's home state. If a person's intentions are not properly codified in the trust document, it can not only fail to achieve his plans but also hurt his overall estate plan scheme.

One way that a person interested in learning more about trust planning can achieve a better understanding of the subject is by working with an estate planning attorney. Attorneys have duties to their clients that encourage those who seek their guidance to understand all of the legal ramifications of their estate planning choices. Whether a person wants a living trust, a revocable trust, or any other form of trust device, there are more responsible ways of getting what they want than simply buying a pre-packaged trust document.

Source: accountingtoday.com, "Protect Your Clients from Trust Scams," Seymour Goldberg, July 7, 2015

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