Twenty years ago, when Jim and Sandy were 45 years old, they went on their…
When most people think of estate planning, their thoughts turn to a will. However, for many people a living trust may be better. While it is currently estimated that only 20% of Americans have a living trust, the idea is becoming more popular as people learn more about this estate planning tool. If you want to learn more about the benefits of a living trust, here are some topics you can discuss with a Fairfield NJ estate plan attorney from the Law Offices of Faloni & Associates.
While a will must go through probate, a living trust does not. Thus, instead of your heirs waiting months or even years to have your assets distributed, a living trust can do this in a matter of weeks.
If you have a will, it is possible someone may step forward to challenge it upon your death. If this happens, distribution of your assets could be held up for years, especially if your estate is large. However, with a living trust, courts rarely rule against them once they are established, giving you greater control over how your estate will be handled upon your passing.
If you have a will, it will be a matter of public record, meaning anyone can view it and all transactions will also be public. However, a living trust offers far more privacy. Since a living trust is not made available to the public, the distribution of your estate will be handled in private, allowing you to do as you see fit with regards to your estate. Also if you avoid probate assets are liquid to pay debts and expenses whereas with a will assets are frozen until an executor is appointed.
Due to the many complexities associated with estate planning, it is always best to consult with a Fairfield NJ estate plan attorney who is experienced in these matters. Therefore, contact the Law Offices of Faloni & Associates as soon as possible to discuss your estate planning needs.