A trust in Haledon, 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.

There are numerous 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 Haledon, NJ Trust

To set up a legitimate trust in Haledon, 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 implement 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 needs to have a named beneficiary. The beneficiary is the individual who benefits from the trust.

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 Haledon, New Jersey Trust Drafting Attorney Help?

While it's not difficult to understand the basic requirements of a trust, actually creating a trust can be a bit more complicated. Therefore, it is advisable to contact a reliable Haledon, New Jersey attorney to help you set up a trust.