Many residents of Parsippany may think that trusts are not for them. They may think only millionaires need such documents. However, even those of more modest means can still find a trust to be useful.
For example, through a living trust a person can retain control over their property while they are alive, and then their property will be distributed to the trust beneficiaries after the person dies. Trusts, unlike wills, are not subject to the probate process. They are also kept private, meaning a person's financial information will not be accessible to the public after their death.
Or, a person may be interested in a qualified personal residence trust. In this type of trust, a person can live in their place for residence while they are alive, then, after they die, title to the residence is passed on to the trust beneficiaries and the trust is terminated. There could be tax advantages to this type of trust.
Also, if a person has a loved one with special needs, they may find a special needs trust to be useful. In this type of a trust, a person can hold assets for the benefit of the disabled individual. When set up properly, this means that the disabled individual will retain their eligibility for certain government benefits.
At our firm, we aim to help people in Parsippany execute the type of trust that will be of the greatest benefit to them, as well as assisting them with any of their other estate planning needs. With the right estate plan in place, a person can have peace of mind that their affairs will be handled the way they want them to. Our webpage on trusts and trust administration may be of use to those who want to learn more about this subject.