Revocable Trust for Individual with Spouse or Partner: Separate Share Trusts for Children (NJ) | Practical Law

Revocable Trust for Individual with Spouse or Partner: Separate Share Trusts for Children (NJ) | Practical Law

A revocable trust agreement (also referred to as a trust instrument or declaration of trust) for an individual who is part of a married or unmarried couple, has children, and resides in New Jersey. If the settlor is survived by a spouse or partner, this trust agreement provides for outright distribution of the trust assets to the surviving spouse or partner when the settlor dies. If the settlor is not survived by a spouse or partner, this trust agreement provides for distribution of the trust assets in separate equal shares to the settlor's surviving children or more remote descendants. The share of any beneficiary who has reached a certain age is distributed outright to that beneficiary, and the share of any beneficiary who has not reached that age is held in a separate continuing trust for that beneficiary This Standard Document has integrated notes with important explanations and drafting tips.

Revocable Trust for Individual with Spouse or Partner: Separate Share Trusts for Children (NJ)

by Practical Law Trusts & Estates
MaintainedNew Jersey
A revocable trust agreement (also referred to as a trust instrument or declaration of trust) for an individual who is part of a married or unmarried couple, has children, and resides in New Jersey. If the settlor is survived by a spouse or partner, this trust agreement provides for outright distribution of the trust assets to the surviving spouse or partner when the settlor dies. If the settlor is not survived by a spouse or partner, this trust agreement provides for distribution of the trust assets in separate equal shares to the settlor's surviving children or more remote descendants. The share of any beneficiary who has reached a certain age is distributed outright to that beneficiary, and the share of any beneficiary who has not reached that age is held in a separate continuing trust for that beneficiary This Standard Document has integrated notes with important explanations and drafting tips.