Irrevocable Trust

Do I need a trust?

New York and New Jersey estate planning attorneys recognize that even though most people understand that the purpose of a last will and testament, also called simply a “will”, is to designate who gets their property and who would be guardians of their minor children after they die, few people realize or fully understand the role that living and other trusts can play in a comprehensive estate plan.

Revocable living trusts are often used in estate planning because they allow people to remain in control of their assets during their lifetime, provide for management in the event of incapacity, and allow the assets to be transferred upon death in accordance with the maker’s wishes. The trust process allows trust assets to pass to beneficiaries more quickly because they avoid probate and the delays, costs, and lack of privacy associated therewith.
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What are the advantages of a revocable trust vs. a last will?

Revocable living trusts and last wills are two commonly used estate planning tools.  Wills and trusts both have their place in estate planning, but revocable living trusts offer some benefits that a last will and testament cannot. Your ideal estate plan will depend on your goals and assets.  Our

Although many individuals are well served by a will-based estate plan, a will must go through a court supervised proceeding referred to a probate. Depending on the size and the complexity of the estate, this can be a time consuming and costly process. For this reason, we often recommend creating a revocable living trust. 

What is a revocable living trust?

This estate planning tool is a legal document that takes ownership of the trust maker’s property. The trust names a trustee, which is also in most cases the grantor, or the person making the trust.

Should my estate plan include an irrevocable trust?

While clients often come to us for assistance with creating a will, we also design estate plans that consider other estate planning objectives, particularly asset protection, minimizing taxes, and providing for loved ones. In these situations, many individuals are well served by establishing an irrevocable trust.

An irrevocable trust is one that becomes effective during a person's lifetime, however, unlike a revocable trust, it cannot be amended or modified. The trust maker (or grantor) permanently transfers property into the trust so that he or she no longer owns the property. Instead, a trustee is designated to manage the assets for the beneficiaries.