(856) 439-6223A person creates a trust to transfer assets to other parties either during life or upon death. The legal documents provide certain advantages, such as the possibility of tax advantages and directing how the funds are disbursed even after death. While trust laws used to vary significantly, depending on the state or when people created them, the passage of the universal Uniform Trust Code (UTC) in many states helped streamline the rules and requirements.
While you are not required to work with a legal professional during the estate planning process, it can ensure your documents meet the requirements of the laws and that you understand the legal documents. Call a trusts attorney who understands the Mount Laurel Uniform Trust Code to schedule an appointment and get started.
Different Types of Trusts
A person has a wide range of trust instruments to choose from, depending on their needs. Some different types of trusts include:
- Revocable, also called living trusts
- Irrevocable trusts
- Charitable trust documents
- Special needs trusts
- Generation-skipping trust documents
- Irrevocable life insurance trusts
The type of estate planning documents a person uses depends on their goals and unique circumstances. A diligent attorney in Mount Laurel experienced with the UTC could answer specific questions, draft legal documents, and oversee the administration to ensure compliance with the laws.
State Uniform Trust Code
The state adopted trust laws to simplify preparing and administering trusts regardless of location. Before the legislation, the laws were significantly different, making them confusing and complicated to administer.
The New Jersey Trust Code (NJUTC) regulates trust creation and administration and standardizes the rules and statutes. The legislation ensures valid legal document creation, modification, and the termination of trusts if people wish to make changes after creation. The regulation also provides trustee duties and actions that could lead to removal from fiduciary duties.
Benefits of the UTC
The UTC offers many advantages, including modifying trusts without going through the court and attempting to interpret verbiage people are unfamiliar with. The legislation also simplifies moving to a different state and adding or removing trustees. A Mount Laurel lawyer knowledgeable about the Uniform Trust Code could answer questions and draft estate planning documents in compliance with the laws.
Trust Administrator Duties
Trust administrator duties can be challenging, and the individual must comply with the rules as laws require. Some duties include:
- Handling the trust responsibly and for the benefit of the beneficiaries
- Protecting the beneficiary’s interests
- Keeping all pirates informed
- Filing tax returns
- Overseeing trust asset investments
- Keeping records
A lawyer skilled in handling fiduciary duties in compliance with the NJUTC in Mount Laurel could assist or handle the duties on the estate’s behalf.
Schedule a Consultation Today With a Skilled Attorney About the Uniform Trust Code in Mount Laurel
There are countless options to protect your assets and beneficiaries through sound estate planning. While a Last Will and Testament used to be the standard, many people have used trusts in recent years to enjoy the benefits they provide. Creating trusts requires strong knowledge of the UTC.
A minor error could void the documents and leave you and your loved ones without protection. Schedule a meeting with a seasoned lawyer skilled in handling cases involving the Mount Laurel Uniform Trust Code. Begin reviewing your options with our team.
