A trust in Oakland, New Jersey is an arrangement under which property is possessed by one person, but used completely 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.
If you want, you could create a trust with no restrictions on how much money the trustee can spend from the trust, and let the beneficiary spend all the money on whatever they'd like. If this is what you want to do, that's fine- but if the beneficiary is a young adult with spendthrift habits, you obviously might want to take into consideration the fact that they could easily spend all the money on some pretty frivolous stuff.
What to Include in Any Oakland, NJ Trust
To set up a valid trust in Oakland, 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 Oakland, 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 confusing. Therefore, it is advisable to contact a knowledgeable Oakland, New Jersey attorney to help you set up a trust.