Drafting a Trust In Bayonne, New Jersey

Find the right Drafting a Trust attorney in Bayonne, NJ

A trust in Bayonne, New Jersey is an arrangement under which property is possessed by one person, but used exclusively for the benefit of, and legally owned by, another.

A trust can be set up for just about any reason. One of the most common reasons is to ensure that a person always has enough money to avoid going broke, but not enough that they can avoid getting a job, or spend all of the money on things they don't need. This can be accomplished by drafting a trust agreement so that only allows the beneficiary to access a limited portion of the money per week, or per month.

Regardless of the purpose for which you're establishing a trust, you can be sure that the beneficiary will only be able to spend the trust fund in ways you approve of. This is because a trust document, at the time of drafting, can place any restrictions or allowances you want on the beneficiary's use of the money. So, if you want them to only be able to spend it on education, for example, you can do that.

The trust can also be set up to allow the beneficiary to spend as much of the money in it on anything they like. Of course, few people do this, because the trust isn't likely to last very long under such an arrangement, especially if the beneficiary is a teenager or young adult.

What to Include in Any Bayonne, NJ Trust

There are 4 things that have to be present in every trust for it to be valid in Bayonne, New Jersey. First, the trust must have a stated purpose. Whatever purpose you intend the trust to serve, you should make it very clear when drafting the document.

Second, there must be a trustee. This is the person who will administer the trust, and retain possession of the property or money that it contains, as well as being responsible for using it to effectuate the trust's purpose.

The third element is a beneficiary. The beneficiary is a person or entity who the trust is designed to benefit. Although a beneficiary has to be named, they don't actually have to exist at the time the trust is written. For instance, if a person sets up a trust to benefit his or her grandchildren, and doesn't yet have any, the trust is valid. If and when their grandchildren are born, the rights that the trust creates will vest in them immediately.

Lastly, the trust needs to actually be composed of something. A trust document must name the money or property which is actually being held in trust, which is known as the "corpus" or "body" of the trust.

Can A Bayonne, New Jersey Trust Drafting Attorney Help?

While the elements of a valid trust are relatively simple and easy to remember, drafting a trust that is sure to be carried out according to the wishes of the person making it can still be complicated. For that reason, a good Bayonne, New Jersey attorney specializing in estate planning and the drafting trusts may prove invaluable.

Talk to a Wills, Trusts and Estates Law Attorney now!

Life in Bayonne

Bayonne is located in Hudson County, New Jersey, just south of Jersey City. It derives its name from Bayonne, France. A main attraction in the city is the Bayonne Bridge, which connects it to Staten Island, New York. Red, white, and blue lights illuminate the bridge in the evening, as a 9/11 memorial.

The city was initially founded as a township in 1861 and officially incorporated in 1869. Bayonne currently has a population of about 57,000. Notable residents of Bayonne have included actress Sandra Dee and basketball player Shaquille O'Neal.

Popular outdoors destinations in the city include Constable Hook, Bergen Point, and the Hackensack RiverWalk. Bayonne is home to several places on the list of National Registered Historic Places and Museums. Such places include Robbins Reef Light, Bayonne Truck House No.1, and Bayonne Trust Company.

The city of Bayonne is located near Newark Airport and the Newark Turnpike. It is served by the Hudson-Bergen Light Rail Transit System. The Bayonne Board of Education provides public education schools for city residents. Bayonne High School has an on-campus ice rink facility for its hockey team.

Bayonne has been called "The Peninsula of Industry" by its locals. Recently it has been earning a reputation as "The Peninsula of Business and Technology". Traditional industries in Bayonne are being upgraded with new technologies and facilities, especially in the service sector.

Bayonne lawyers typically file their cases at the Bayonne Municipal Court. Appeals may be processed with the Appellate Division of the New Jersey Superior Court. Many lawyers in Bayonne, New Jersey are members of other Bar Associations in addition to the New Jersey Bar Association.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Regel B.
Regel B.

Wills, Trusts and Estates

Caldwell, LA

Brad M.
Brad M.

Wills, Trusts and Estates

Sussex, NJ

David L.
David L.

Wills, Trusts and Estates

Ashland, OH

Gotham Light