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Advantages of using trusts for New Jersey estates, part two

In our last post we began talking about some of the advantages of using trusts instead of wills. Many people in New Jersey use trusts as an effective tool for succession planning. Trusts also offer individuals more control of the ways in which their wealth is used. In this post, we will review some of the additional benefits of using a trust, including asset protection and privacy.

During the course of our lives, it is normal for wealth to grow with the ebb and flow of life. However, in some situations, we may suffer financial setbacks and undergo large losses to our finances. If your family business is struggling, you may be worried about what will happen to the assets you were planning on passing on to your family members. In many situations, assets that are put into a trust may be protected from the economic upheaval other areas of your life might be facing.

One of the biggest advantages of a trust is the privacy it offers. When an estate moves through probate, the records are public and can be viewed by anyone. Using a trust to distribute most of wealth can help the process move faster, and it can keep the records private. If you are distributing large amount of money to your heirs, the privacy can help protect them from ill-intentioned creditors or people asking for money.

Although trusts have many advantages over wills, they do not always provide all the coverage individuals need. Good estate planning should include a thorough analysis of your situation and assets, and it will likely include a variety of estate planning tools.

Source: The Economic Times, "Why HNIs choose a trust over a will," Sakina Babwani, 14 February 2011

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