Drafting a Trust In Camden, New Jersey

Find the right Drafting a Trust attorney in Camden, NJ

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

A trust can be set up for just about any reason. One of the most prevalent reasons is to ensure that a person perpetually 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 permits 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. Thus, 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 permit 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 Camden, NJ Trust

To establish a trust in Camden, New Jersey, 4 things are required. The first is purpose - the trust must be set up to serve some kind of objective, and it must be clearly stated in the document that creates the trust.

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.

Third, the trust also has to name a beneficiary. This is the person or entity (such as a charitable organization) who is going to benefit from the trust.

Finally, the trust needs to have a corpus, or body. The "body" of the trust is the property that benefits the beneficiary, and that the trustee oversees. Obviously, there can be no trust without something being held in trust.

Can A Camden, New Jersey Trust Drafting Attorney Help?

While its' easy to list the basic elements that need to be present for a trust to be valid, the actual process of setting up a trust can be a little intricate. For that reason, seeking the counsel of a knowledgeable Camden, New Jersey attorney to help you set up a trust is probably a good idea.

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

Life in Camden

Camden is located across the Delaware River from Philadelphia, Pennsylvania. Specifically, it is located in Camden County, New Jersey. It is the twelfth largest city in the state. Sadly, the city is well-known because three of its mayors were jailed for corruption.

Popular sites for tourists include the Adventure Aquarium, Battleship New Jersey Museum and Memorial, Campbell's Field, Harleigh Cemetery which is popular because it is included in the National Register of Historic Places.

Top employers include L-3 Communications (Lockheed Martin), Rutgers University-Camden, Susquehanna Bank, Cooper University Hospital, and the City of Camden. The legal force is also present in Camden because many attorneys have established practices there. Thus, the legal needs of residents will always be tended to.

Famous residents include Donovin Darius, George Hegamin, Richard "Groove" Holmes, Robert S. MacAlister, Jim Perry, Mike Rozier, John F. Starr, Dajuan Wagner, and Walt Whitman.

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