Drafting a Trust In Union, New Jersey

Find the right Drafting a Trust attorney in Union, NJ

A trust in Union, New Jersey is an arrangement under which property is possessed by one person, but used exclusively 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. Additionally, 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 authorize 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.

A trust could, of course, be much more permissive, if the creator of the trust wants it to be. You could set up a trust permitting the beneficiary to spend as much of the money in it as they like, on anything. Of course, in such a case, the trust fund might not last very long, particularly if the beneficiary is a younger person.

What to Include in Any Union, NJ Trust

To formulate a trust in Union, New Jersey, 4 things are required. The first is purpose - the trust must be set up to serve some sort of objective, and it must be precisely stated in the document that creates the trust.

Second, the trust must further name a trustee. The trustee is the person who is really going to administer the trust, and has possession and control of the property while it is the subject of the trust.

Third, there must be a named beneficiary. This is the person, persons, or entity who is really benefiting from the trust. This person or entity must be precisely identified, or must be identifiable at some point in the future that can be objectively defined.

Finally, the trust needs to really be composed of something. A trust document must name the money or property which is really being held in trust, which is recognized as the "corpus" or "body" of the trust.

Can A Union, 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 complex. For that reason, a good Union, 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 Union

Union, New Jersey is a township located in North-Central Union County, New Jersey. With a population of just under 55,000 residents, this lovely township comprises 9.1. square miles. Union is also home to the worlds tallest watersphere, standing 212 feet tall and the water towerhas become a local point of interest, with it's own fan website. As a township, Union is governed by a five member Township committee. In 2008, Union was ranked the 75th best place to live in America by Money Magazine. Not surprisingly, the Union Public School District has a lot to do with the ranking and Union is home to some of the top schools in the state of New Jersey. There is also a fabulous community of professionals in Union, many of which grew up in the township and decided to stay and practice. Union, New Jersey is home to some great lawyers. There is a thriving legal community in Union and the local lawyers are trained in a range of specialties and able to help their clients with any legal issue he or she many be facing. Whatever the problem is, a Unionlawyer can certainly solve it!

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