Mullica HillTrusts Lawyer
Mullica Hill Trusts Lawyer
Do you have concerns about loved ones and their ability to manage the assets you plan to leave them when you are gone? Do you have a special needs family member for whom you provide care? Are you considering options for Medicaid planning, and do you have significant assets that you do not want to spend down to be eligible for long-term care? Or do you simply want an option to leave your assets to your heirs without requiring them to go through the complex process known as probate? Creating a trust may be extremely beneficial to you and your beneficiaries.
Creating a trust is a common element of estate planning in New Jersey and throughout the country, and an experienced Mullica Hill trusts lawyer can speak with you today about the benefits of establishing a trust as part of your estate plan.
What is a Mullica Hill Trust?
A trust is a type of legal instrument through which a third party known as a “trustee” keeps and manages assets on behalf of a single beneficiary or multiple beneficiaries. The person who creates the trust and puts the assets into the trust is called the “trustor” or the “grantor.” When the trustor creates a trust, she or he can name a trustee, who may be a family member, a friend, or another party. The trustee has to act in the financial interests of the trust and its beneficiaries, and a trustee can face serious repercussions for breaching the fiduciary duty owed.
According to the New Jersey Revised Statutes, a trust “includes any express trust, private or charitable, with additions thereto, wherever and however created.” Many different types of trusts exist in New Jersey, and those trusts can have many different purposes.
Common Types of Trusts in Mullica Hill
The following are some of the most common types of trusts in Mullica Hill:
- Revocable trust;
- Irrevocable trust;
- Living trust;
- Charitable trust;
- Special needs trust;
- Spendthrift trust;
- Asset protection trust; and
- Testamentary trust.
While most trusts allow beneficiaries to avoid probate, it is important to know that testamentary trusts do not fall into this category. To be clear, a testamentary trust will go through probate.
Learning More About Mullica Hill Revocable and Irrevocable Trusts
Every trust in Mullica Hill will be either a revocable or an irrevocable trust. To be clear, the terms “revocable trust” and “irrevocable trust” are the two overarching types of trusts, and all of the kinds of trusts listed above will fall into one of those two categories.
A revocable trust is a trust that can be changed, revised, or revoked in the lifetime of the trustor. An irrevocable trust cannot be changed or revoked. Once a trustor creates a revocable trust, that trust will remain intact.
Do I Need a Trust in Mullica Hill?
Do you need to create a trust? If you answer in the affirmative to any of the following questions, a trust may be beneficial to you and your loved ones:
- Do you have a special needs family member?
- Do you want to protect assets from Medicaid?
- Do you want to allow your heirs to avoid probate?
- Do you have concerns about your heirs’ ability to manage the assets you plan to leave them?
- Do you have concerns about your children or other heirs contesting your will?
Why Should I Establish a Trust in Mullica Hill?
There are many different reasons to establish a trust in Mullica Hill, and the aims of the trust will ultimately depend upon your particular situation and your needs. The following are among the most common reasons that people in New Jersey and Pennsylvania decide to create trusts during the estate planning process:
- You want to be able to protect the assets you have earned over your lifetime in the event you require long-term care and needs to “spend down” to qualify for Medicaid;
- Your heirs are too young to inherit money or other assets;
- Your heirs are not yet mature enough to manage money;
- You have a dependent or other family members with special needs who relies on you for support, but you also want to be sure that you can provide for that person while she or he remains eligible for Medicaid and other related federal benefits;
- You have concerns that your heirs will try to contest your will and that your assets ultimately will not be distributed according to your wishes; and/or
- You want to allow your heirs to avoid the probate process.
For many New Jersey residents, avoiding probate is a key reason for establishing a trust, but it is essential to know that there are many other reasons to make a trust, and you do not need a single reason. To be sure, you can have multiple and overlapping reasons for establishing a trust.
Mullica Hill Trusts and Trustees
What does a trustee do once you have created a trust? A trustee is a party who has legal ownership of the assets contained in a trust. In taking ownership of those assets, a trustee assumes a fiduciary duty, which involves a promise to act in the financial interests of the beneficiaries and the assets contained in the trust.
Contact a Trusts Attorney in Mullica Hill Today
Establishing a trust in New Jersey can be beneficial for a wide variety of reasons, from protecting a disabled child to protecting your assets in the event you need long-term care to allow your assets to pass to your heirs without the probate process. Given that there are many different types of trusts, it is critical to work with one of our experienced trust attorneys in Mullica Hill to ensure that you are creating the best trust for your needs, and to be certain that the trust will have the desired effect.
Do not hesitate to get in touch with our firm to learn more about how we can help you with your questions and concerns about creating a trust. Contact Scott Counsel, P.C. online or call our office at (856) 281-3131 today.
– When my son, who has Cystic Fibrosis and CF related diabetes, was suddenly and unexpectedly removed from his Medicaid program, we were devastated and frightened not knowing where we would get the resources to pay for his extremely high priced prescriptions. Justin was the attorney who handled our case. From the very beginning, he proved to be very thorough and experienced with navigating the process of reversing the Medicaid decision. However, it was his apparent kind, caring nature that made us feel the most at ease. Justin was successful in securing a continuation of benefits for my son, and we are extremely grateful for having his expertise during this most stressful ongoing process. Thank you, Justin!
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