Trusts are estate planning tools that can replace or supplement wills, as well as help manage property during life. The person who manages the trust is called a trustee. The trustee follows the mandates of the trust in making the distribution of a person’s property by transferring its benefits and obligations to different people either through payment of income or payment of principle. There are many reasons to create a trust, making this property distribution technique a popular choice for many people when creating an estate plan. If you’re looking to draft a trust, contact a seasoned Bergen County trusts lawyer from the Law Office of E. Gregory M. Cannarozzi today.
Trusts Lawyer | Serving Clients in New Jersey
We understand the importance of creating a well-rounded estate plan, and we’re here to help our clients get the peace of mind they deserve. If you need a dedicated Bergen County, New Jersey estate planning lawyer to walk you through the process, you are in the right place.
Living, Testamentary, Revocable, and Irrevocable Trusts
Trusts come in all sorts of shapes, sizes, and kinds, and have myriad uses and purposes.
The best analogy to use is that they are custom-made suits that are tailored to meet an individual’s needs, desires, and personal circumstances. They can be valuable and useful planning tools that are not to be summarily dismissed or ignored. Their purposes can be severally restricted or alternatively broad and extensive as in a trustee being able to decide in its sole discretion what is necessary for another person’s care, comfort, support, maintenance, health, education, and well-being. Some of the types of trusts available in New Jersey and their supporting definitions are as follows:
- Living Trusts: These documents are created during a person’s lifetime, designating a trustee and providing directions for the distribution of assets upon the grantor’s passing.
- Testamentary Trusts: While living trusts are created by a grantor during their lifetime, testamentary trusts are created by the grantor’s will.
- Revocable Trusts: A revocable trust is created by a grantor and can be changed or modified by the grantor at any time, as long as they are competent.
- Irrevocable Trusts: Irrevocable trusts are created by a grantor and cannot be modified without the approval of the trust’s beneficiaries or court approval. The benefit of irrevocable trusts over revocable trusts is that they can protect assets from creditors and estate taxes.
Contact an NJ Estates Lawyer
Our legal team has extensive experience representing individuals and their families through each facet of the estate planning process, and we’re here to represent you as well. Contact the Law Office of E. Gregory M. Cannarozzi today to schedule your initial consultation with our firm.