Will a living trust help with probate and inheritance taxes?
Updated Jan 11, 2021; Planning
A. We’re glad you’re trying to plan ahead to make sure your wishes are followed.
A living trust is a trust that is created during a person’s lifetime.
New Jersey’s Uniform Trust Code, N.J.S.A. 3B:31-1, et seq., governs the creation and validity of trusts, said Shirley Whitenack, an estate planning attorney with Schenck, Price, Smith & King in Florham Park.
She said assets in a trust are not subject to the probate process.
But, she said, the probate process in New Jersey is simple and therefore, most people in New Jersey do not have a need for a living trust.