Despite extensive advertising by both attorneys and non-attorneys selling Revocable Living Trusts, the reality is that not everyone needs one. However, there are some times when Revocable Living Trusts are the best option, according to the Wills, Trusts & Estates Prof Blog discusses in "Estate Planning, Is a Trust Beneficial?"
Revocable Living Trusts are often recommended as a means of avoiding probate. In light of the complexities encountered in other States’ probate systems, and the inaccurate portrayals of the probate process by many unscrupulous people here in New Jersey, many people in New Jersey mistakenly believe that they must implement Revocable Living Trusts that are designed solely to “avoid probate.” However, the probate process in New Jersey is relatively inexpensive and easy, and while there may be other valid reasons for implementing Revocable Living Trusts, probate avoidance is not necessarily needed in New Jersey.
However, there are situations where a Revocable Living Trust may be a useful estate planning strategy/technique.
An experienced elder law and/or estate planning attorney can advise you on whether a Revocable Living Trust is right for you.
Reference: Wills, Trusts & Estates Prof Blog (March 28, 2018) "Estate Planning, Is a Trust Beneficial?"