Truth: A Standard Revocable Trust Doesn’t Save your Loved Ones any Taxes or Fees.
While probate is a long and expensive process in many states like California and Florida, in New Jersey it is a fairly simple process. Unlike in many states, the process is not court supervised.
The truth is that relying on a will in New Jersey does not result in the delays and costs that may come up in other states. But does that mean a simple, traditional will is the way to go?
But Don’t be Fooled: “Traditional” Wills May Also Leave your Loved Ones in Danger.
Relying on a “simple” will (or a “simple” revocable living trust) can leave the inheritances of your loved ones completely exposed to their ex-spouses if they divorce after you’re gone. The key to prevent this from happening is using a special type of revocable living trust, called a Bloodline Trust, which will protect those inheritances from a divorcing ex-spouse. This is every different from the “vanilla” revocable living trusts hyped up on the internet.
The Bottom Line.
Because the internet is so busy hyping revocable living trusts, many think any standard “vanilla” revocable living trust will solve their problems. Don’t let this fool you. Reach out to me today, and we can design a specialized will and/or trust that both minimizes death taxes and protects your loved ones after you’re gone.