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Trusts can be financial, legal documents

Trusts are unique documents. They can help people with both legal and financial matters. Depending on the type of trust that a person makes and who the beneficiaries and trustees are these documents might be able to help a family out financially if they run into financial trouble. Trusts can sometimes be protected from bankruptcy and other major financial changes such as divorce.

A trust can also require that a beneficiary only gets certain amounts of money at certain periods in their life. The periods could be after obtaining an advanced degree, or at a certain age or other point in the person's life. One of the most important things about a trust is the protection it can provide. While not all trusts might be shielded from bankruptcy proceedings, some of them might be. If this is a concern, it is important that a person discuss an appropriate trust with an experienced estate planning attorney.

An attorney can help a person understand their estate planning goals, which might include wills, trusts and living wills. All of these documents can work together to appropriately distribute a person's assets in the most financially responsible way.

Estate planning can seem confusing, but an experienced New Jersey estate planning attorney can help explain how a person can use planning documents to achieve their goals. Once a person and their attorney establish their goals, they can make sure all of their documents, including trusts, are properly worded and work together in their estate plan.

Source: Fox Business, "Is a Trust Untouchable in Bankruptcy?" Justin Harelik, April 9, 2013.

-Our law firm handles trusts for people in New Jersey. Please visit our website to learn more.

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