Setting up a Trust in NJ

[rowz]

This question is for my neighbor who is not on the internet.

My first resp0onse to their question was that they need an attorney, but they wold like to know what too ask for and I said that I would inquire.

They have a son who is almost 30 years of age and has lolly-gagged his way through school pursuing a degree.

Let us not get into the enabling aspect of things.
They have come to realize that he would blow thru the $ if there were no constraints beyond his control.

They own a house [300K +-] and some $$ so they CAN afford an atty.

They asked me if they could set up a trust where on their passing they would leave him their assets but have things set up that he is advanced a sum of $ every month or year [or what is best].
Hopefully the $ would last for a good long time.

So, is this a "spendthrift trust" in NJ?

What type vehicle should they ask for?
Are these things easily contestable?

Many thanks.

RowZ

 

[anteater]

Sure they can set up a trust with those provisions. It does not necessarily have to be created and funded now. It could be a testamentary trust to be created by a will.

I would tell them that they should through what they want to happen, and any contingencies they would like to include, and really think hard about who they want to be the trustee.

Everything is contestable. Easily? If they are clear about the provisions and it is written by an experienced attorney, it should not be easy.

 

[rowz]

anteater - thanks very much for the reply.

I will be giving them the info that you have provided.

It is greatly appeciated.

rowZ