Depending on your objectives and the size of your estate, it may be advisable for you to set up a trust. For some individuals, the creation of a trust may seem appropriate when there is a fear that a will may be contested. In other circumstances, a trust may lessen time spent in probate. There may also be tax advantages to setting up certain types of trusts.
A trust represents a special legal relationship where the person authorizing the trust turns over his/her assets for control and management by one or more persons called the trustee(s). The individual funding the trust is known as the grantor, settlor or donor. In some situations, the trust may be set up during the grantor’s lifetime, and all property would then be listed in the name of the living trust.
Upon the death of the donor, the trust is managed by the named trustee. The trustee may be an individual, but is often a bank or law firm. In any case, they are expected to follow the instructions and wishes left by the decedent as far as delivering proceeds to the named beneficiary or beneficiaries.
Trusts Lawyers New Jersey
As experienced trust lawyers in New Jersey, the Law Offices of DiFrancia & Price P.C. discusses the formation of trusts with clients who may benefit from them. Some people like the private nature of trusts, as they are considered confidential. Others have concerns that one of their beneficiaries cannot appropriately manage finances.