Drafting a Trust In Hackensack, New Jersey

Find the right Drafting a Trust attorney in Hackensack, NJ

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

There are many 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. Additionally, 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 authorize the beneficiary to access the money in it under any conditions the person making the trust wishes. For example, the trust could be set up so the beneficiary can only use the money in it for education.

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

What to Include in Any Hackensack, NJ Trust

To set up a valid trust in Hackensack, New Jersey, 4 elements are required. First, the trust must have a stated purpose, and this purpose must be clearly laid out in the documents that create 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 needs to have a named beneficiary. The beneficiary is the person who benefits 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 Hackensack, 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 complex. For that reason, a good Hackensack, 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 Hackensack

Hackensack is located in Bergen County, New Jersey. Its official name is New Barbadoes Township. In 1921, the name informally became Hackensack. It is located about twelve miles from Midtown Manhattan,, and about seven miles from the George Washington Bridge. It is home to around 43,000 people.

Some popular sites include Fairleigh Dickinson University, the New Jersey Naval Museum, the World War II submarine USS Ling display, the First Dutch Reformed Church, The Shops at Riverside (Riverside Square Mall), and Bergen Museum of Art Science.

Some famous residents include Debby Boone, Philip Carey, Samuel Cooper, Harold Dow, Jim Finn, Dave Fiore, Mike Fratello, David Grisman, Matt Herr, John Huyler, Dave Scott, Douglas Watt, and Teresa Weatherspoon.

Hackensack is also home to attorneys who have established their practices in their local city. Thus, the legal needs of residents and local businesses will always be taken care of.

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