J. Jeffrey Press, P.A.
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trusts & trust administration Archives

Don't make these mistakes with your revocable trust

Many people in New Jersey wishing to avoid probate may have taken the step of executing a revocable trust. Doing so means that the assets in the trust will not go through the lengthy and expensive probate process. Moreover, trusts are not made public, which may also make them attractive to many. However, it is important to avoid these estate planning mistakes that could render one's trust ineffective.

There are advantages and disadvantages to revocable trusts

People in Parsippany have many choices when it comes to estate planning. They can choose who they want to make health care and financial decisions on their behalf should they become incapacitated. They can dictate what end-of-life medical care they want. Finally, they can dictate what they want done with their property after they pass away. With regards to this last point, many people choose to execute a trust that determines how their assets are distributed to their chosen beneficiaries.

Make executing a trust part of your New Year's resolution

As 2017 comes to a close and 2018 is almost here, many people in New Jersey are making New Year's resolutions. Some people may be aiming to get into shape, save more money or kick a bad habit, like smoking. However, a resolution that many might not initially think of, but is very important in the long-run, is executing an estate plan.

Trusts 101: Understanding the basics of trusts

Trusts can form the backbone of a well-rounded estate plan for many people in New Jersey. Not only can they serve as a vehicle for handing your assets down to your loved ones after you die, but conditions can also be placed on trusts. Therefore, it is a good idea to have a basic understanding of trusts.

J. Jeffrey Press, P.A.
8 Wood Hollow Road
Plaza Level - Suite 2A
Parsippany, NJ 07054

Phone: 973-323-2654
Fax: 973-288-2070
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