Drafting a Trust In Hoboken, New Jersey

Find the right Drafting a Trust attorney in Hoboken, NJ

A trust in Hoboken, 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. 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 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, essentially letting them do whatever they want with the money, if that's what you want to do.

What to Include in Any Hoboken, NJ Trust

To create a valid trust in Hoboken, New Jersey, 4 elements must be present. The first element is purpose - the property being held in trust must be there for a reason. Your trust can serve just about any lawful purpose you can think of.

Second, the trust must also 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.

The third required element to make a valid trust is the beneficiary or beneficiaries. Because a trust, by definition, is set up to benefit someone or something, that entity must be identified in the trust. However, if the person(s) meant to benefit from the trust do not yet exist, they can still be valid beneficiaries, as long as they are part of an identifiable class of people, and can be easily identified if they are born. For example, you could set up a trust to benefit your grandchildren, even if you don't truly have any grandchildren yet.

Finally, and perhaps most importantly, the trust requires a "body." The body of a trust is the thing (typically, but not always, money) that is directly being held in trust, and therefore overseen by the trustee, and used to help the beneficiary.

Can A Hoboken, New Jersey Trust Drafting Attorney Help?

While the elements of a valid trust are fairly simple and easy to memorize, drafting a trust that is likely to be carried out according to your wishes can be fairly perplexing. For that reason, a Hoboken, New Jersey attorney specializing in estate planning can be invaluable.

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

Life in Hoboken

Hoboken is located in New Jersey's Hudson County. Per the 2010 census, Hoboken is home to 50,005 people.

Popular attractions include Church Square Park, Columbus Park, Elysian Park, Stevens Park, Madison Park, Gateway Park, Hudson River Waterfront Walkway, Bayonne Bridge, Hoboken Terminal, Pier A, Frank Sinatra Park, Castle Point Park, and Hoboken Cove.

Images of Hoboken display the city's breathtaking beauty and charm. Residents love living here. In the list of residents, practicing attorneys are included. Therefore, any legal need of residents and/or small businesses will be tended to by the legal force of Hoboken. For large complex matters, the top tier legal force in New York is close by.

Overall, residents have the advantage of living in a beautiful area, being close to New York, and having a strong legal force both within and nearby their homes. Next time one visits New Jersey or New York, Hoboken is definitely a place to visit!

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