Drafting a Trust In Howell, New Jersey

Find the right Drafting a Trust attorney in Howell, NJ

A trust in Howell, 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 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 Howell, NJ Trust

To formulate a legitimate trust in Howell, 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 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.

The third element is a beneficiary. The beneficiary is a person or entity who the trust is created to benefit. Although a beneficiary has to be named, they don't truly have to exist at the time the trust is written. For example, if a person sets up a trust to benefit his or her grandchildren, and doesn't yet have any, the trust is valid. If and when their grandchildren are born, the rights that the trust creates will vest in them immediately.

Lastly, 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 Howell, New Jersey Trust Drafting Attorney Help?

While the elements of a valid trust are fairly 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 intricate. For that reason, a good Howell, New Jersey attorney experienced in estate planning and the drafting trusts may prove invaluable.

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

Life in Howell

Howell, also known as Howell Township, is in Monmouth County, New Jersey. The area is known because it was pictured in the 2005 remake, War of the Worlds.

The most popular attraction in Howell is the Manasquan Reservoir. This area is great for nature lovers who want to take a hike, go fishing, bird watch, jog, bike, walk their dogs, or just exist in serenity with mother nature. The reservoir also has a nature exhibit where people can go see the local wildlife.

Famous residents include Bonnie Bernstein, Nick LaBrocca, Tom Pelphrey, Kal Penn, and Amy Polumbo.

Howell is also home to some attorneys who are competent and able to provide legal guidance to residents and local businesses.

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