Experienced Red Bank Firm Helps Clients Create Trusts
Skilled assistance for a range of trust instruments
A trust is an important estate planning tool that may offer a variety of benefits to you and your heirs. Trusts come in all forms, types and sizes and can be tailored to meet your individual objectives. At Parsons & Nardelli, our Red Bank boutique trusts and estates law firm has helped clients in Monmouth, Ocean and Middlesex counties to establish effective trusts as part of a comprehensive estate plan for more than 45 years. Our experienced attorneys offer comprehensive counsel to help you preserve your assets during your lifetime and protect your loved ones into the future.
We assist with every aspect of your end-of-life and estate plans, including drafting healthcare directives, drafting a will and establishing trusts. If you are a trustee, we help you with the performance of your duties to ensure you remain in compliance with New Jersey trust laws and to protect you from liability. We also have substantial experience in trust litigation to resolve complex contests from beneficiaries or outside claimants.
Skilled assistance for trust creation
A trust is a legal document that holds assets for the benefit of the beneficiaries, and people from all walks of life may find them a useful estate planning tool. A valid trust involves the following:
- Grantor — The grantor is the person who creates the trust by transferring trust property to the instrument and establishing terms under which the property is held and distributed.
- Beneficiaries — The beneficiaries are those people or entities that receive the benefit of the trust property subject to the terms of the trust instrument.
- Trustee — The trustee oversees the maintenance of the trust property in accordance with the terms of the instrument. The trustee owes a fiduciary duty to the beneficiaries to avoid conflicts of interest, to not personally benefit from the trust, and to act in the beneficiaries’ best interests.
- Trust property — The trust owns the property, not the grantor, the beneficiaries or the trustee.
Our attorneys explain your rights and obligations in each of these roles. We represent your interests in the formation, execution or termination of the trust.
Guidance in establishing the right trust for your needs
What type of trust you create depends upon your individual objectives. These are some of the most common trusts clients choose to fulfill their specific goals:
- Inter vivo trust — A living trust may confer tax benefits and protect your assets from creditors. Upon your death, your assets may be distributed to your heirs or the trust instrument may continue for the benefit of the residual beneficiaries — those who receive the property remaining after specific gifts are distributed.
- Trust to fund upbringing of minor children — A trust ensures your young children will receive the care they need in the event of your untimely death. A trust may be preferable to leaving the funds in the hands of the children’s guardian, where they may be at risk of comingling or seizure by the guardian’s creditors.
- Trust for adult children — You may have good reasons not to leave your young adult children with a windfall. You can direct that distributions be made in installments or that the fund retain the principal and pay on interest.
- Charitable trust — Through a testamentary gift, you can support important causes, charitable organizations or schools that are dear to your heart.
- Pet trusts — You can ensure these beloved members of your family have the funding they need to be cared for according to your wishes.
- Maintenance of property — If you are leaving a home or other significant asset to your loved ones, you may consider a trust to fund maintenance, repairs, insurance and taxes.
Our lawyers have both the skill and experience to establish a trust that meets your objectives. We protect your rights and those of your beneficiaries when forming the trust.
Contact our experienced NJ attorneys for help establishing a trust
Parsons & Nardelli represents grantors, trustees and beneficiaries in all matters related to trusts. Contact our Red Bank firm online or call us at 888.309.5589 for professional, confidential legal representation. We offer a free initial consultation.