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Are you unsure if it is better to have a will or trust in New Jersey? For many people, the ideal estate plan includes both options. Each of these tools serves its own purpose, and they can often work together, allowing you to avoid probate while ensuring your final wishes are met.

If you have questions about your options, now is the time to speak with a skilled estate planning attorney at Nesevich Law, LLC. The right plan can ensure you have control over your hard-earned assets even after passing.

Using Wills in an Estate Plan

The last will and testament is the cornerstone of most estate plans. It is a formal document that allows its creator to determine who inherits their property at the end of their life. In addition to dictating how assets are given away, it serves other purposes, like naming guardians for minor children and appointing administrators for probate court.

A will gives the creator control over their property that they would not otherwise have. If a person dies without a will, state law determines which family members can inherit.

These documents must comply with some legal requirements to be accepted by a judge. First, the creator must be at least 18 years of age and have the mental capacity to understand the impact their decisions might have.

A will must be in writing, signed by the creator, and executed with two witnesses present. The witnesses must also sign the will, which affirms the creator’s intent and their fitness to make these important decisions.

Wills can complement trusts. In addition to identifying certain assets and their chosen beneficiaries, these documents can include catch-all provisions that ensure any leftover property is transferred directly into a trust.

Why Create a Trust?

There are many different types of trusts under state law. These legal entities hold the property of the trust creator as the legal owner. There are a few reasons why this can be helpful in the estate planning process.

Trusts are useful for allowing a person to avoid probate court. This is the process by which a judge appoints an administrator and determines how a deceased party’s possessions are divided after their passing.

The probate process can be costly and time-consuming, and many people create an estate plan to avoid it on behalf of their heirs. Because a trust becomes the formal owner of a person’s property, those assets can be distributed to beneficiaries right away instead of getting tied up in court for months.

Trusts can have other benefits depending on the circumstances. They can reduce a person’s tax burden and, in some cases, ensure they qualify for means-tested government benefits. Some create trusts to provide for loved ones with special needs after they are gone.

Talk to an Attorney in New Jersey About Whether Wills or Trusts Are Better

When you have questions about whether it is better to have a will or a trust in NJ, now is the time to ask. Your attorney could help you identify tools that are useful in the estate planning process. Contact us as soon as possible to get started with your plan.