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Revocable Living Trusts are often recommended as a way of transferring assets to loved ones, in lieu of drafting a Last Will and Testament. The benefits of such a Trust are routinely stated: the need to avoid probate, privacy concerns and even avoidance of death taxes.

To create a living trust in New Jersey, the trust document is signed by the trust-maker in front of a notary public, and then ownership of assets must be transferred into the name of the trust to make it effective. A living trust provides confidence that your assets will be managed and distributed exactly as you wish.

Many estate planning attorneys will suggest that an individual have both a will and a living trust in New Jersey. It's important to discuss your particular needs with an estate planning attorney in New Jersey to understand how either document will fulfill them.

Costs: Because a trust avoids litigation in a probate court, it may be easy to assume that the savings in court costs make it a less expensive option than a will. However, a trust involves the expenses of attorneys, any property registration or title transfers, filing fees, and any compensation granted to the trustee.

Requirement of Trusts Your trust must include a written declaration of the intent of the document. As part of the trust, you must sign over all deeds for any property or asset gifted to an individual through the trust. Your trust must include a minimum of one beneficiary to be legally valid.

One option is to use an online program to write the trust document yourself. This will likely cost you around a few hundred dollars. You can also choose to hire an attorney. This option will probably cost you more than $1,000, though the exact cost will depend on the attorney's fees and the complexity of your estate.