Monmouth County estate planning attorney Christine Matus (https://matuslaw.com/wills-vs-living-trusts-which-one-is-right-for-you/) releases a new article explaining the pros and cons of living trusts and wills in the state of New Jersey. The lawyer mentions that it is normal for an individual to want to ensure that their property is distributed properly after they pass. Wills and Living Trusts are helpful tools that may be able to help individuals achieve their estate planning goals.
“A Will is a widely known estate planning tool that outlines how you want your assets to be used after you pass. Not only does it describe how you wish your assets to be distributed, it allows you to name a guardian for your children. A Will does not go into effect until you die. It goes through the court system. The court system ensures that the person’s property is properly distributed and that the Will is valid,” the Monmouth County estate planning attorney says.
The lawyer says that one of the advantages of a Will is allowing an individual to name a guardian for their children. A will can also allow the person to name property managers for the properties they want to pass on to their children. However, the disadvantages of a will are that it must go through probate, must be entered into the public record, and only includes property that is in the grantor’s name.
Attorney Christine Matus explains that a Living Trust is a bit more complicated than a Will, but may offer additional advantages to the beneficiaries. The lawyer explains that a living trust does not have to go through probate. This allows assets to be distributed more easily and for the beneficiaries to be provided promptly.
In the article, the lawyer adds, “While both Wills and living trusts can be of use during the estate planning process, it all comes down to your and your family’s specific needs. For example, someone with grown children may not care that a living trust does not allow them to name guardians. On the other hand, someone with young adult children with significant disabilities may consider that a top priority in their estate planning needs.”
Lastly, attorney Matus closes the article by explaining that one might still need a will even if they have a living trust. A will is needed especially if there are minor children or if they still have other properties they didn’t put in the trust.
About The Matus Law Group
The Matus Law Group has a team of estate attorneys who are committed to helping families and individuals in real estate transactions in New Jersey and New York. Through a team approach, they work hard to help their clients with their estate planning needs. Call The Matus Law Group today at (732) 785-4453.
The Matus Law Group
125 Half Mile Rd #201A, Red Bank, NJ 07701
SOURCE: Press Advantage [Link]
The Matus Law Group is an experienced team of attorneys who can help you and your family plan for life, protect and care for loved ones with special needs, cope effectively with disability and death, and preserve inheritances for future generations.