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The Cons. While there are many benefits to putting your home in a trust, there are also a few disadvantages. For one, establishing a trust is time-consuming and can be expensive. The person establishing the trust must file additional legal paperwork and pay corresponding legal fees.
Revocable Living Trusts Should be Considered for Your Estate Plan. Although having a Revocable Living Trust as part of your estate plan may not be as essential in New Jersey as it is in some other states, it has some benefits as compared to the extended probate process.
This will likely cost you around a few hundred dollars. You can also choose to hire an attorney. This option will probably cost you more than $1,000, though the exact cost will depend on the attorneys fees and the complexity of your estate. Clearly, it is cheaper to create your trust yourself.
A General Assignment is a document that declares that certain property is held and vested in the name of a trust. Since a trust only works when it holds property, this document is crucial for the funding of a Revocable Trust.
New Jersey wills and revocable living trust documents serve different purposes yet can frequently overlap. Whereas a will goes into effect when you die, a revocable living trust goes into effect as soon as it is created and remains under the control of the grantor until he or she dies or becomes incapacitated.
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A person who has a vested legally enforceable interest in a decedents estate can assign i.e., transfer part or all of their interest to another. Generally, an inheritance vests upon the decedents death.
Trust companies offer to look after your property for you and you can continue to live in your home rent-free even if it is in a trust. Because this is seen as a gift, the trust company will not buy your home from you, but instead manage its sale and the proceeds from that sale when you move out or die.
With your property in trust, you typically continue to live in your home and pay the trustees a nominal rent, until your transfer to residential care when that time comes. Placing the property in trust may also be a way of helping your surviving beneficiaries avoid inheritance tax liabilities.
The use of a Last Will in NJ is more common than a Trust. Not so in other states like Florida and New York. Advocates of a trust over a Last Will argue that a trust avoids probate. A will is subject to probate but probate in New Jersey is simple and inexpensive.
For example, a Trust can be used to avoid probate and reduce Estate Taxes, whereas a Will cannot. On the flipside, a Will can help you to provide financial security for your loved ones and enable you to pay less Inheritance Tax.

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