By Fredrick P. Niemann, Esq. a New Jersey Trust Attorney
A Revocable Trust can provide for the continuous investment and administration of your assets by your trustee if you become incapacitated. If illness or injury causes you to be incapable of managing your financial affairs, the trust can spare you and your family expense of a court-appointed guardianship. Without a trust or a durable power of attorney, no one has legal authority to manage your property. A court must find you to be incompetent and appoint a guardian to manage your affairs. That guardian could be a stranger to your family or be a family member who would normally be unacceptable to you.
Practical Considerations of using a Revocable Trust in New Jersey:
There are many other practical considerations in using a Trust. A Trust does not eliminate the need for a Will. A Will is necessary to pass on those assets you have not transferred to the trust. In order to have all your assets pass through the trust, you must have a Will with a pour-over provision. This directs any assets not already in the trust to be transferred into the trust at your death, where they will be managed and distributed as your RLT directs. Without a pour-over provision in a Will, these additional assets will pass according to your last unrevoked Will or New Jersey law if there is no Will.
Contact me personally today to discuss your trust matter. I am easy to talk to, very approachable and can offer you practical, legal ways to handle your concerns. You can reach me toll free at (855) 376-5291 or e-mail me at firstname.lastname@example.org/.