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Could your estate plan benefit from the inclusion of a trust?

Most readers of this New Jersey estate planning blog are familiar with wills. Wills are testamentary devices that stipulate important details about how a person wants personal matters handled after his death. It may include how he wants his wealth distributed, who he wants to care for his children and even what type of funeral he wants held in his memory.

For as much good as a will can do for a person and her estate, in many cases it is not enough to fully effectuate a decedent's end of life wishes. Prior posts on this blog have discussed the probate process and how certain an estate may be reduced in value if they pass through probate; generally, a will must be validated in probate and then will assets may be used to satisfy debts of the decedent before they are given to the decedent's beneficiaries.

In contrast to a will, a trust provides a different level of asset protection. Trust wealth and property is held for beneficiaries until such time as stipulated by the trust creator, and often trust creators use their deaths as the time in which trust wealth and property may be distributed. Trusts are managed by trustees who are not necessarily the creators of the trusts.

Sometimes individuals avoid creating trusts because they are unsure of exactly how they work. This is where the Donnelly Ritigstein Law Offices can help. Our firm handles estate planning matters and advises individuals on the benefits and possible drawbacks of trusts.

For many people, an estate plan should include more than just a will. What should be included, however, is unique to the personal and financial preferences of the individuals. To help determine further if a trust may be a good addition to your estate plan, please feel free to refer the website of Donnelly Ritigstein Law Offices.

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