New Jersey Trust Agreement between Nike Securities, L.P., The Chase Manhattan Bank, and First Trust Advisors, L.P. is a legal document that outlines the terms and conditions of a trust relationship between these entities. It establishes the roles, responsibilities, and rights of each party involved in managing and overseeing assets within the trust. The New Jersey Trust Agreement serves as a binding contract between Nike Securities, L.P., The Chase Manhattan Bank, and First Trust Advisors, L.P. It defines the powers of the trustee, the obligations of the beneficiaries, and the general framework for trust administration. Under this agreement, Nike Securities, L.P. acts as the granter, transferring assets into the trust for the benefit of the beneficiaries. The Chase Manhattan Bank assumes the role of the trustee, responsible for safeguarding and managing the assets in accordance with the terms set forth in the agreement. First Trust Advisors, L.P. may act as an advisory role, providing guidance on investment strategies and financial planning. Various types of New Jersey Trust Agreements may exist between these parties: 1. Revocable Living Trust Agreement: This type of trust allows the granter (Nike Securities, L.P.) to maintain control and ownership of the assets during their lifetime. The agreement can be amended or revoked at any time, offering flexibility and the ability to adapt to changing circumstances. 2. Irrevocable Trust Agreement: In contrast to a revocable living trust, an irrevocable trust cannot be altered or terminated without the consent of all parties involved. Once assets are transferred into this trust, they become the property of the trust and are no longer under the control of the granter. 3. Testamentary Trust Agreement: This type of trust is created through a will and takes effect upon the granter's death. It allows Nike Securities, L.P. to specify how their assets will be distributed among the beneficiaries, providing a means of asset protection and management even after their passing. 4. Special Needs Trust Agreement: A special needs trust is designed to provide for the financial needs of a beneficiary with disabilities while preserving their eligibility for government assistance programs. Nike Securities, L.P. may establish this type of trust to ensure the long-term well-being of a loved one requiring special care. Regardless of the specific type of New Jersey Trust Agreement, the document typically includes provisions related to asset management, distribution of income and principal, tax considerations, dispute resolution, and the duration of the trust. In summary, the New Jersey Trust Agreement between Nike Securities, L.P., The Chase Manhattan Bank, and First Trust Advisors, L.P. establishes the legal framework for managing and protecting assets within the trust. Whether it's a revocable living trust, an irrevocable trust, a testamentary trust, or a special needs trust, this agreement sets forth the rights and responsibilities of each party involved, ensuring the proper administration and distribution of assets according to the granter's wishes.
New Jersey Trust Agreement between Nike Securities, L.P., The Chase Manhattan Bank and First Trust Advisors, L.P.
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