Understanding the duties of a trustee may help New Jersey residents who are creating an estate plan that includes a trust select the right person for this job. A trustee is the person who is responsible for overseeing the trust. Managing the trust, investing the assets that are in the trust and distributing assets to beneficiaries are all responsibilities of the trustee.
A trust can be an effective tool for estate planning purposes. A revocable living trust is one of the most popular types of trusts as it gives the trust's creator flexibility to make changes if needed. Although they cannot be changed, an irrevocable trust may provide for asset protection from creditors. When creating a trust, an individual selects a trustee to oversee the trust. The trustee may be an individual or an entity, such as a bank.
According to recent reports, more than two-thirds of U.S. households have a pet. And of the 68 percent of homes that have a pet, many of them will have that pet for several years. For some, a pet is a life-long companion. But what if a pet outlives an owner? What will happen to the welfare and care of that animal?
If you are like many other New Jersey residents, it is likely that you have recently made a list of some new year's resolutions for this year. People like to start out a year with good intentions and high hopes for what they can accomplish in next 12 months. Many resolutions involve being better with money, taking care of family members and being proactive. For those people who have included these things on their list this year, it may be a good idea to start thinking about putting together an estate plan.