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A trust is a legal arrangement where a person (the settlor) transfers their assets to a trustee, who manages and distributes the assets to beneficiaries according to the terms of the trust.
Creating a trust in New Jersey can help protect your assets, manage estate taxes, avoid probate, and ensure your assets are distributed according to your wishes.
New Jersey recognizes various types of trusts such as revocable trusts, irrevocable trusts, living trusts, testamentary trusts, special needs trusts, and charitable trusts.
A trust can provide control over the distribution of your assets, minimize estate taxes, protect assets from creditors, and ensure a smooth transfer of wealth to your beneficiaries.
A trustee is a person or entity responsible for managing the assets held in a trust and carrying out the wishes of the trust's creator (the settlor) for the benefit of the beneficiaries.
Yes, in New Jersey, you can serve as the trustee of your own trust. However, it's advisable to have a successor trustee named in case you are unable to continue managing the trust.
While it's not legally required to have an attorney to create a trust in New Jersey, it’s highly recommended. An attorney can ensure your trust complies with all relevant laws and help customize it to your specific needs.
The cost of creating a trust in New Jersey can vary depending on its complexity, the attorney's fees, and other factors. It's best to consult an attorney for an accurate estimate.
Yes, under certain circumstances, you can modify or revoke a trust in New Jersey. However, the process and requirements for making changes to a trust depend on the terms of the trust and applicable state laws.
When the settlor of a trust passes away, the trust will continue to exist and be managed by the appointed trustee. The assets will be distributed to the beneficiaries as per the trust's terms.
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