![]() ![]() This means the trust can be augmented or even eliminated during the course of your lifetime. However, the person who creates the trust can change the written instructions for what will happen to the assets in the case of death at any time. When one puts their assets into the hands of a trust, the trust becomes the technical owner of those assets. Therefore, you can continue to live in and use the properties named in the trust, operate the vehicles, and spend the money. A living trust allows you to continue using these assets, as well as strictly control how and by whom they will be distributed upon your death. In New Jersey, a living trust is a legal document that places your assets – including your valuables, real estate, vehicles, bank accounts, and investments – in trust during the course of your lifetime and specifies where you would like those assets to go upon your death. Depending on the circumstances of one’s financial life and wishes, different people will take different approaches to protect their assets during life and preparing them to be distributed to loved ones at the time of their passing.Ī living trust, also known as a revocable living trust, is one way in which people protect their assets during and in the afterlife. Setting up a Living Trust with a Passaic County NJ Attorney A living trust, also known as a revocable living trust, is one way in which people protect their assets during and in the afterlife.Įstate planning is an important aspect of preparing for your family’s future that requires expert management.
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