Drafting a Trust In Perth Amboy, New Jersey

Find the right Drafting a Trust attorney in Perth Amboy, NJ

A trust in Perth Amboy, New Jersey is an arrangement under which property is possessed by one person, but used always 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.

If you want, you could formulate 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 quickly spend all the money on some pretty frivolous stuff.

What to Include in Any Perth Amboy, NJ Trust

To formulate a legitimate trust in Perth Amboy, 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, every trust, to be valid, has to assign a trustee. This is the individual or other entity (such as a corporation) who oversees the property that embodies the trust. They possess and control the property, and are accountable for seeing that it is utilized according to the purpose 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. Nonetheless, if the person(s) meant to benefit from the trust do not yet exist, they can still be legitimate beneficiaries, as long as they are part of an identifiable class of people, and can be easily identified if they are born. For instance, you could set up a trust to benefit your grandchildren, even if you don't truly have any grandchildren yet.

Fourth and finally, the trust must contain what is known as the "corpus" or "body." The corpus is the money and/or property which is being held in trust. For a trust to be legitimate, the corpus must be precisely identified.

Can A Perth Amboy, 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 difficult. For that reason, a Perth Amboy, New Jersey attorney experienced in estate planning can be invaluable.

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

Life in Perth Amboy

Perth Amboy is located in Middlesex County, New Jersey. It is nicknamed "City by the Bay," because it is near Raritan Bay. As of 2010, the population is around 50,814 people.

Popular sites include The Waterfront, Downtown, Harbortown, Hall Avenue, Southwestern, State Street, Amboy Avenue, Maurer, Chickentown, and Spa Springs.

Attorneys have also established their practices in Perth Amboy, allowing residents and businesses to remain rest assured. Any and every legal inquiry of theirs can be handled by the city's capable legal force.

Famous residents include Solomon Andrews, David Bryan, William Dunlap, Vida Guerra, Richie Ambora, Marcus Spring, Harry Tierney, John Watson, Ruth White, and David T. Wilentz.

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