Often, we hear the term “trust” in regard to estate planning but don’t really know what it means? If you are thinking about setting up a trust, a trust attorney will help you do that. Read on to learn more about how you may benefit from a trust or estate attorney’s expertise.
Entrusting a Trust Attorney for Your Personal Affairs
A trust is a legal relationship where the grantor (the person who has the funds) gives the asset to a trustee to hold, manage, and disburse the assets for the benefit of the beneficiary. A trust attorney drafts a legal document that sets forth the parameters of the trust and assists you (the grantor) with the legal aspects of setting up the trust. A trust attorney can assist you in designating a trustee (the person you want to administer the trust), or in some cases, the trust attorney can also act as the trustee. Often, a person chooses the trust attorney to be the trustee as he or she is an impartial third party who can administer the trust objectively.
It is important to note, a trustee has a fiduciary duty to administer the trust for the benefit of the trustee. He or she must act in good faith and with loyalty and impartiality. If this duty is breached, the trustee can be removed. Under the NJ Uniform Trust Code (NJUTC), trustees are responsible for keeping the beneficiary informed regarding the administration of the trust, disbursement of the trust assets, and protection of the trust assets. In addition, the trustee must provide the beneficiary with the trust document whenever asked. Under the NJUTC, a trustee can delegate aspects of trust administration to agents but must provide reasonable written notice to the qualified beneficiaries each time the trustee delegates his or her duties.
Trust the Team at Lyons & Associates
Due to all the intricacies attached to drafting and establishing a trust, it is important to have a trust attorney assist you. If you are unsure as to whether you need a trust or if you need assistance establishing a trust, contact the Law Offices of Lyons & Associates, P.C. For a free consultation, please email us, visit our website, or call us at (908) 575-9777.