Having a properly drafted and funded trust may help you avoid a stressful and complex probate process in New Jersey. 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 a fiduciaries. Our goal is to make this process as simple as possible. Our New Jersey attorneys assist clients in interpreting the terms of trust and in carrying out all aspects of their legal responsibilities as trustees.
Estate planning for blended families is key to a smooth inheritance process, especially since probate rules and intestate succession law do not treat step and biological children the same when it comes to inheriting.
As the U.S. population ages and life expectancies increase, the need for long-term care is becoming an important consideration for many individuals and families.
Trusts can offer many benefits, including allowing assets to pass directly to beneficiaries and charitable organizations without going through probate, minimizing taxes, and protecting your legacy from creditors.
