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

This legal template is a Revocable Trust specifically designed for individuals who are residents of New Jersey and have a spouse or partner. The purpose of this trust is to create separate share trusts for the couple's children. A Revocable Trust is a legal document that allows the trust creator, also known as the grantor, to retain control over their assets during their lifetime while outlining the distribution and management of those assets upon their death.

In this particular template, separate share trusts are established for the children, which means that each child's share of the assets and property held in the trust will be managed and distributed separately from their siblings. This arrangement can be useful in cases where the children have different needs, circumstances, or for estate planning purposes.

The Revocable Trust provides flexibility, as the grantor can make revisions or amendments to the trust during their lifetime if their circumstances change or if they wish to modify the distribution plan for their assets. Additionally, as the trust is revocable, the grantor has the ability to revoke or terminate the trust entirely if they desire to do so.

The trust is specifically tailored to comply with the laws and regulations of the state of New Jersey. This ensures that the trust is legally valid and enforceable in the jurisdiction.

Overall, this template aims to provide individuals in New Jersey with a comprehensive and flexible legal document to establish a Revocable Trust that is suitable for couples with children, allowing for separate share trusts to protect the interests of each child and provide for a smooth and efficient distribution of assets.