New Jersey Lawyers BlogTrusts Are Powerful Tools in New Jersey Estate Planning
Estate planning is a crucial aspect of financial management that ensures your assets are distributed in accordance with your wishes after your death. However, New Jersey estate planning law can be complex. Besides ensuring that your assets go where you intend, minimizing tax impact and the costs associated with probate must be considered. Also, you may not want some of your heirs to get all the assets right away or have control of them, such as minor children, relatives with special needs, or simply loved ones who are just not good at managing money.
One of the key components of a comprehensive estate plan is the inclusion of trusts. A trust is an important tool that can aid in the estate planning process. Trusts are legal arrangements that allow a third party, known as a trustee, to hold and manage assets on behalf of a beneficiary.
Why do I need a trust?