New Jersey Living Trust Forms
Download the New Jersey Living Trust form which allows an individual flexibility, continuity and privacy when planning for his or her loved ones. For instance, a trust allows a grantor (the person funding the trust) to designate how and when the assets of the trust will be expended. A grantor may decide to impose an age requirement to receive funds or a purpose requirement for the funds, such as education or medical expenses. The grantor appoints a trusted person to manage the trust and carry out the terms of the trust. A trustee has a fiduciary obligation to the beneficiaries of the trust.
Revocable vs. Irrevocable: A revocable trust can be changed or modified by the grantor during his or her life, but it becomes irrevocable after the grantor’s death. An irrevocable trust, on the other hand, is made to be permanent and if it is modified or terminated during the grantor’s life, the grantor may have possible tax or other penalties.