{"id":5222,"date":"2022-06-07T10:53:00","date_gmt":"2022-06-07T14:53:00","guid":{"rendered":"https:\/\/www.lindabury.com\/firm\/?p=5222"},"modified":"2025-01-02T14:17:21","modified_gmt":"2025-01-02T19:17:21","slug":"advantages-of-a-revocable-living-trust-for-residents-of-nj","status":"publish","type":"post","link":"https:\/\/www.lindabury.com\/firm\/insights\/advantages-of-a-revocable-living-trust-for-residents-of-nj.html","title":{"rendered":"Advantages of a Revocable Living Trust for Residents of NJ"},"content":{"rendered":"<p>It has been a routinely held belief among estate planners that a Revocable Living Trust is not necessary for New Jersey residents. The purpose of this article is to identify those situations in which a Revocable Living Trust can be beneficial for residents of New Jersey.<\/p>\n<p>Most commonly, we hear that assets held in a Revocable Living Trust during one\u2019s lifetime, will, at the time of death, avoid probate. Fortunately for New Jersey residents, probate is not an onerous, time-consuming, or expensive prospect. The probate process in New Jersey, which gives legal significance to the will and clothes the executor with court-approved authority, is a straightforward process often costing less than $300 and requiring little paperwork. It takes about two to three weeks to obtain Letters Testamentary, which formally authorize the executor to transact business on behalf of the estate. Other reasons often cited as benefits of a Revocable Living Trust (RLT) are privacy regarding one\u2019s estate, and the elimination of death taxes. These reasons do not apply in New Jersey, because our probate process does not require an inventory disclosing estate assets, nor an accounting with the court listing estate income, expenses, and distributions to the beneficiaries. As for the assertion that RLTs save death taxes, this is simply not true, as all assets in an RLT are considered to be in the control of the grantor (the person who created the trust), and therefore includible in the grantor\u2019s taxable estate.<\/p>\n<p>There are, however, circumstances where an RLT is appropriate for a New Jersey resident. For example, an RLT can be a better way to:<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.lindabury.com\/firm\/insights\/advantages-of-a-revocable-living-trust-for-residents-of-nj.html\"  title=\"Continue Reading Advantages of a Revocable Living Trust for Residents of NJ\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>It has been a routinely held belief among estate planners that a Revocable Living Trust is not necessary for New Jersey residents. The purpose of this article is to identify those situations in which a Revocable Living Trust can be beneficial for residents of New Jersey. Most commonly, we hear that assets held in a [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[65,343],"tags":[],"coauthors":[139],"class_list":["post-5222","post","type-post","status-publish","format-standard","hentry","category-insights","category-wills-trusts-estates-insights"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Advantages of a Revocable Living Trust for Residents of NJ &#8212; June 7, 2022 &#8212; Lindabury, McCormick, Estabrook &amp; Cooper, P.C. Firm News &amp; Events<\/title>\n<meta name=\"description\" content=\"It has been a routinely held belief among estate planners that a Revocable Living Trust is not necessary for New Jersey residents. The purpose of this\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lindabury.com\/firm\/insights\/advantages-of-a-revocable-living-trust-for-residents-of-nj.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Advantages of a Revocable Living Trust for Residents of NJ &#8212; June 7, 2022 &#8212; Lindabury, McCormick, Estabrook &amp; Cooper, P.C. Firm News &amp; Events\" \/>\n<meta property=\"og:description\" content=\"It has been a routinely held belief among estate planners that a Revocable Living Trust is not necessary for New Jersey residents. 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