How does a Trust work?

Trusts are the process by which the grantor transfers legal ownership to a person or institution (called the trustee) to manage the property for the benefit of another person (called the beneficiary).

Trusts create a fiduciary relationship between the trustee and the beneficiary. The trustee must act solely in the best interests of the beneficiary when dealing with the trust property. If a trustee does not live up to this duty, the trustee is legally accountable to the beneficiary for any damage to his or her interests. The grantor may act as the trustee himself or herself, and retain ownership instead of transferring the property. A grantor may also name himself as one of the beneficiaries of the Trust.

If you or someone you know in the New Jersey or New York Metropolis needs the assistance of an experienced probate lawyer, contact New Jersey probate attorney, E. Gregory M. Cannarozzi of the Law Office of E. Gregory M. Cannarozzi at 866-264-7710 or complete his contact form to begin a free consultation with an experienced New Jersey probate lawyer.

 

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