Trusts Attorney in Union City, New Jersey
A trust is one of the most effective estate planning tools that helps safeguard your wealth and protect your family. The best thing about a trust is that it can be customized to meet your specific needs and goals.
With the assistance of a skilled trusts attorney in Union City, New Jersey, you can protect your hard-earned assets and make informed decisions about your finances. Our team at Hudson Law Firm is committed to providing clients with efficient estate planning services. Our goal is to help you plan for the future and prepare the necessary paperwork to set up a customized trust. Also, we proudly serve clients in Jersey City, Bayonne, Hoboken, and North Bergen, New Jersey.
Overview of Trusts
A trust is a legal arrangement that involves at least three parties: the trustor, the trustee, and the beneficiaries. The document intends to ensure that the trustor’s money and other property eventually pass to specific beneficiaries. When setting up a trust, the trustor puts their assets in the name of the trust and authorizes the trustee to hold and control those assets for a third party (beneficiaries).
There are two main types of trusts to choose from:
Revocable or living trusts. You can make changes to the revocable trust during your lifetime as long as you have the physical and mental capacity to do so.
Irrevocable trusts. As the name implies, an irrevocable trust cannot be modified once you create it. Thus, the arrangement is permanent. The advantage of creating an irrevocable trust is that it allows the trustor to reduce estate taxes.
Consider speaking with a knowledgeable trusts attorney to analyze your specific situation and determine what type of trust is best for you to fit into your estate plan.
What Is the Process of Creating a Trust?
Essentially, the process of setting up a trust involves two steps:
Drafting the trust agreement. The process of creating a trust begins with drafting a legal document prepared by the trustor with the help of an attorney. The agreement appoints a trustee and specifies the beneficiaries of the trust. The document will also outline how the specified assets should be managed and distributed once the trust goes into effect.
Choosing the trustee. Another step in the process is choosing the trustee. There are many things to consider when appointing a trustee to ensure that you make the right choice. Some of the factors that should be considered when choosing a trustee include the person’s experience, expertise, and the personal relationship between the trustor and potential trustee.
Funding the trust. Once the document is finished, the trustor must transfer assets to the trust, which is also known as “funding the trust.” How the assets should be transferred to the trust depends on the type of the asset.
If you are considering creating a trust, consult with an experienced attorney to help you create and fund your trust.
Why You Can Benefit from Having a Trust
Most people can benefit from creating a trust regardless of their age, health, and wealth. Some of the benefits of having a well-crafted trust include but are not limited to:
Reducing the amount of estate tax
Protecting assets from creditors
Ensuring that your assets will be in good hands if something happens to you
Ensuring that your property will be managed in the manner you want
Protecting your assets in the event of incapacity
Making you eligible to qualify for benefits, including Medicaid
Many other things can be achieved by creating a comprehensive trust. You must contact a skilled attorney to help you set up a trust.
Trusts Attorney Serving Union City, New Jersey
If you wonder how creating a trust can help you achieve your goals and protect your assets, contact Hudson Law Firm. We are dedicated to helping you plan for your future and ensure that your loved ones can receive your assets according to your wishes. Get a case review to discuss your options today. Our team proudly serves clients in Union City, Jersey City, Bayonne, Hoboken, and North Bergen, New Jersey.