Drafting a Trust In Franklin, New Jersey

Find the right Drafting a Trust attorney in Franklin, NJ

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

There are various reasons why a person might set up a trust. A well-managed trust, started with a substantial amount of money, can mature into a sizable college fund for a child. Moreover, if the trust is well-drafted, the beneficiary can be restricted in how they use the money, so they don't waste it.

A trust can be set up to permit the beneficiary to access the money in it under any conditions the person making the trust wishes. For instance, the trust could be set up so the beneficiary can only use the money in it for education.

Because you, as the trustee, can decide the rules under which the trust operates, you could give the beneficiary the right to access the fund at any time, for any reason, essentially letting them do whatever they want with the money, if that's what you want to do.

What to Include in Any Franklin, NJ Trust

To set up a legitimate trust in Franklin, New Jersey, 4 elements are necessary. First, the trust must have a stated purpose, and this purpose must be precisely laid out in the documents that formulate the trust.

Second, the trust must further name a trustee. The trustee is the person who is truly going to administer the trust, and has possession and control of the property while it is the subject of the trust.

Third, there must be a named beneficiary. This is the person, persons, or entity who is truly benefiting from the trust. This person or entity must be precisely identified, or must be identifiable at some point in the future that can be objectively defined.

Fourth and finally, there must be some money or property which is directly going to be held in the trust. This property is referred to as the "corpus" (body) of the trust, and can be just about anything. But, it must truly exist, and it must be identified.

Can A Franklin, New Jersey Trust Drafting Attorney Help?

While it's fairly easy to list off the basic requirements for a valid trust, actually creating and implementing one can be fairly difficult. Therefore, you should probably seek the guidance of a Franklin, New Jersey attorney if you wish to set up a trust.

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

Life in Franklin

Franklin is located in Sussex County, New Jersey. As of 2010, its population is 5,045 people. Franklin's nickname is the "Fluorescent Mineral Capital of the World," because it's location is over rich land that has over one hundred and fifty minerals. Many of the minerals are fluorescent, hence the name, and twenty-five of the minerals are found nowhere else on earth! Therefore, Franklin is a very special place.

The largest employer is the New Jersey Zinc Company. Earlier, smaller companies mined zing and iron in Franklin. In the early nineteenth century, zinc deposits were found in Franklin. Since then, zinc has become significant for the Franklin economy. The smaller companies merged into one large effort via the New Jersey Zinc Company, formed in 1897.

A few attorneys call Franklin home. These attorneys serve as a source of legal guidance for Franklin residents.

Overall, Franklin is a small city filled with history and rich in culture and minerals!

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