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Under the New Jersey Uniform Trust Code, the terms of a noncharitable irrevocable trust may be modified by consent of the trustee and the current and remainder beneficiaries if the modification is not inconsistent with a material purpose of the trust.

To create a trust that is irrevocable, the grantor must create a written trust agreement. He or she names a trustee to hold the property ing to the terms of the trust.

How to set up an irrevocable trust The grantor establishes the trust. The grantor designates a third party to act as trustee and names beneficiaries. The grantor transfers assets into the trust. The grantor surrenders ownership rights and cedes control to the trustee.

This document must be signed in the presence of a Notary Public and filed with your local County Registry of Deeds. Financial Accounts ? To put your various accounts into the trust's name, you will need to contact your bank to find out the procedure that they employ.

To create a living trust in New Jersey, the trust document is signed by the trust-maker in front of a notary public, and then ownership of assets must be transferred into the name of the trust to make it effective. A living trust provides confidence that your assets will be managed and distributed exactly as you wish.

Irrevocable trusts are generally set up to minimize estate taxes, access government benefits, and protect assets. This is in contrast to a revocable trust, which allows the grantor to modify the trust, but loses certain benefits such as creditor protection.