In most states, spouses can purchase and own property separately from one another. However, in community property states, if one spouse purchases property, it is the property of both spouses. This has implications for both estate and tax planning.
NJ TRUST ADMINISTRATION
ATTORNEYS CAN HELP:
- Advise trustees on legal aspects of trust administration
- Ensure that distributions are carried out according to the wishes of the grantor
- Navigate through the maze of rules and regulations
Having a properly drafted and funded trust may help you avoid a stressful and complex probate process in Closter, NJ. But even when the courts are not involved in
overseeing the administration of a trust, the trustee nevertheless has many of the same responsibilities as a representative in probate proceedings.
The trustee has a duty to appropriately administer the trust, which includes notifying trust beneficiaries, collecting and investing trust assets, paying
debts, and addressing tax issues. Fulfilling these requirements often takes significant time, effort, and knowledge of the law.
At Willis Law Group LLC, we understand that many trustees have little experience serving as fiduciary. Our goal is to make this process as simple as possible. Our attorneys assist clients in Closter, NJ in interpreting the terms of trust and in carrying out all aspects of their legal responsibilities as trustee.