Michael S. Simone, Esq.
You and your spouse just sent your youngest child off to college. Your other two children have already graduated and have started their own lives. Now you and your partner are empty-nesters; you’re alone in the house for the first time in over 25 years. Part of you wants to celebrate, and the other part wants to cry.
Your children are growing up, but you never want to stop protecting them.
Soon after your last child leaves the house, you start thinking about how you can secure your children’s futures. You don’t feel that old and are in good health, but you can’t help but think about mortality. One day, you and your spouse will be gone. What will your children do then?
A trust is an excellent option to protect your assets now and provide your children with financial security in the future. You can state exactly how you want to distribute your funds and how you want your money to be used. Your spouse thinks a trust is a great idea, but you don’t know where to start.
If you’re interested in creating a trust as part of your overall estate plan, it might be time to consult with an experienced attorney to help you develop a trust that best suits your and your family’s needs.
Do you want to create a trust to secure your assets? If so, contact a Cinnaminson trust lawyer from The Simone Law Firm. Call today to schedule your consultation.
A trust is an arrangement between three parties:
When making a trust, the grantor explains how they want the money to be used. For example, they can state the funds are meant to pay for the beneficiary’s college education. Then, once the grantor dies, the trustee is in charge of transferring the funds and ensuring they are used for their intended purpose.
Trusts are beneficial because, unlike wills, the decedent gets to define how the beneficiary uses the assets. A trust might be a good option for people who don’t know if their beneficiaries will use the funds responsibly.
While you can technically create trust on your own, working with a lawyer is helpful. A lawyer knows the legal requirements for a trust in New Jersey. They will ensure you set up the fund correctly. Your lawyer will also develop a trust that best suits you and your beneficiaries.
You might want to hire a lawyer if your estate is large and complex. They’ll help you understand the terms of your trust and how you can best secure your family’s future. If you have questions about your trust, your lawyer can answer them and offer you legal advice.
Overall, working with a Cinnaminson, NJ trust lawyer ensures that your assets and, more importantly, your family are secure.
According to the 2018 New Jersey Revised Statutes Chapter 31 – Uniform Trust Code:
“A trust may be created by:
a. transfer of property under a written instrument to another person as trustee during the settlor’s lifetime or by will or other written disposition taking effect upon the settlor’s death;
b. written declaration by the owner of property that the owner holds identifiable property as trustee; or
c. written exercise of a power of appointment in favor of a trustee” (Section 3B:31-18 – Methods of Creating Trust).
This shows different ways in which you can create your trust. If you have further questions about the limitations and requirements for creating a trust, consult with an attorney at our law offices.
Creating a trust can be complicated, but it’s a helpful tool for securing your family’s future. If you need help developing a trust, contact a Cinnaminson trust lawyer from The Simone Law Firm. Start planning for the future today.
If you create a revocable trust, then you can update it. This means you can change it to fit your current needs. However, if you create an irrevocable trust, you cannot change it once it’s finalized.
If you’re a trustee and the trust’s grantor passed away, you go through trust administration. This is the process of distributing the funds, as stated in the trust. You can work with a trust administration attorney to help you with this process.
No, trusts do not go through probate. This is useful because probate can be a time-consuming process. You can save time, money, and effort by avoiding probate. Since trusts don’t go through probate, the beneficiaries can receive their funds quickly.
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