A trust can be an effective tool for estate planning purposes. A revocable living trust is one of the most popular types of trusts as it gives the trust's creator flexibility to make changes if needed. Although they cannot be changed, an irrevocable trust may provide for asset protection from creditors. When creating a trust, an individual selects a trustee to oversee the trust. The trustee may be an individual or an entity, such as a bank.
According to recent reports, more than two-thirds of U.S. households have a pet. And of the 68 percent of homes that have a pet, many of them will have that pet for several years. For some, a pet is a life-long companion. But what if a pet outlives an owner? What will happen to the welfare and care of that animal?
New Jersey residents that have dedicated their lives to taking care of a family member with special needs often make provisions for those loved ones in their estate plans. Making the decision to create special needs trusts is the easy part of the decision. The part that can be more challenging is funding the trust.
Many in New Jersey may be interested in drafting a revocable trust as a way of avoiding probate. While these trusts are popular and provide a lot of flexibility, anyone interested in drafting one must take care to avoid scams. Trusts that are not drafted or funded properly can end up costing more than just money.
Most states, including New Jersey, recognize that pets are "living property" and they may be provided for in the event of the owner's incapacitation or death. As such, pet trusts are being used by many people to ensure that their pets are taken care of in the event they are no longer able to take care of them. As with any other kind of trust, there is more than one way to handle a pet trust.
Trusts have become a common part of estate planning for many people. Before you create a trust, it is important to understand the different types of trusts and how to decide which one to have.