Drafting a Trust In Gloucester, New Jersey

Find the right Drafting a Trust attorney in Gloucester, NJ

A trust in Gloucester, 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. Furthermore, 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 allow 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, effectively letting them do whatever they want with the money, if that's what you want to do.

What to Include in Any Gloucester, NJ Trust

To set up a legitimate trust in Gloucester, 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, there must be a trustee. This is the individual who will administer the trust, and retain possession of the property or money that it contains, as well as being accountable for utilizing it to effectuate the trust's purpose.

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

Finally, 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 Gloucester, 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 Gloucester, New Jersey attorney if you wish to set up a trust.

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

Life in Gloucester

Gloucester, also known as Gloucester Township, is located in New Jersey's Camden County. It has a population of around 64,634, per the 2010 census.

Many may not think so, but Gloucester has been home to some famous residents. These celebrities include John A. Dramesi, Kyle Hines, Jim Jackson, Sandra Love, and David R. Mayer.

Another surprise to some may be that Gloucester is also home to some practicing attorneys. These attorneys have established law offices where they practice law, consult with clients, and work diligently to serve their clients' needs.

Overall, Gloucester offers a wonderful quality of life to anyone and everyone.

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