At Rozin|Golinder Law, we believe in helping our clients prepare for the future. Whether it is a will or trust, our attorneys can help. Our team has over six decades of combined legal experience and the creativity you need to create a trust that protects what matters and provides for the future.
Call our Middlesex County trust lawyers at (732) 810-0034.
What Is a Trust?
A trust is a fiduciary relationship where a trustee gains ownership and/or assets belonging to the trustor. The trustor is the person who creates the trust, while the trustee is similar to a beneficiary who gains access to property at a time designated by the trustor.
In general, trusts transfer control directly from trustor to trustee without the need for a will, executor, or probate. Trusts are a more secure way to transfer ownership of an asset, but they can also be tedious and expensive to create. They also require active management.
There are several types of trusts, including:
- Living trust: A revocable document that details the transfer of an estate, real property, assets, or ownership to a trustee. The trustor can change the trust at will and may choose to pass ownership during their lifetime.
- Irrevocable trust: An irrevocable trust cannot be changed, unlike a living (revocable) trust. Once the property is transferred into an irrevocable trust, no one can change the terms of ownership, including the trustor.
- Charitable trust: A trustor may grant ownership to a charity organization or the general public. In these cases, the trust is part of an overall estate plan carried out after the trustor’s death.
Depending on the type of trust created, the trustor can include different provisions and requests in their documents. Each trust has its own rules and requirements and may be confusing without the guidance of an attorney.
Creating a Trust in New Jersey
Trusts save families time and money during probate, but they also cost time and money to create. For trustors in New Jersey, drafting a trust should only be done with the counsel of a lawyer. Once a trust is established, the property may be transferred more efficiently, and the deceased’s loved ones get the peace of mind they need.
To create a trust, the trustor must decide which property to include and who it will go to after death. It is important to include a detailed description of the trustee and beneficiaries and the expectations for the transference of assets. Once the terms of the trust are defined, the trustor must sign the document in front of a notary public. The title of any property in the trust must be changed to reflect the transference of ownership.
A trust does not replace a will. If you choose to create a trust, you should also draft a will to ensure that your interests are protected. Trusts can streamline inheritance, but a will allows you to designate a guardian for minor children and account for property that has not been transferred to the trust. Essentially, a will and trust go hand in hand to protect your legacy.
Create a Trust with Confidence
Rozin | Golinder Law is proud to serve clients in Middlesex County and the surrounding areas. Our attorneys are compassionate advocates who work tirelessly to ensure that our clients get the support they need throughout the legal process. Our firm believes that each client is important which is why we offer personalized legal counsel instead of copy-and-paste advice. We provide each client with a unique case strategy tailored to their needs.
Our team can help you protect your legacy and your family’s future. To create a trust, contact Rozin | Golinder Law today.