Even if you get a living trust, youll still need a will. Nevada may have more current or accurate information. Providing instructions for paying taxes and debts, Selecting managers for childrens property, When youre planning your estate, you need to take stock of your assets. If you live in Nevada and are considering establishing a living trust, this guide will give you the information you need to set everything up. After all, they probably already have an investment advisor, while the process of trust administration is likely to be new and somewhat outside their experience. Webtrustee may deposit with self certain money held in trust. Violations of trust accounting laws can result in civil and criminal penalties, including fines and jail time. 192, which explicitly states what services must be included in a benefits package in order for it to constitute health benefits for purposes of paying the lower-tier rate. These traditional bank trust companies charge a fee that compensates them for their investment management fiduciary risk plus other soft non-value added services provided to clients. Through social Once acquired, this expertise can be used both defensively (protecting the book from being poached by trust-capable advisors or unitary trust companies) and offensively (attracting new assets from non-trust-capable advisors). NRS 163.070 Purchase by corporate trustee of its own stocks, bonds or Still, its smart to have a working knowledge of the estate and inheritance tax situations while youre estate planning. Photo credit: iStock.com/EmirMemedovski, SmartAsset.com, iStock.com/LPETTET. Circumstances under which trustee authorized to convert trust into unitrust, Administration of unitrust: Duties of trustee, Administration of unitrust: Powers of trustee. Allocation of receipt or disbursement to principal when terms of trust and provisions of NRS do not provide rule. Applicable rules after death of decedent or end of income interest in trust. 164.795 Adjustment between principal and income 164.796 Code Section: Nevada Revised Statutes Chapter 598A Unfair Trade Practices What Is Prohibited? Therefore, the trust assets remain on the advisors trading/custodial platform increasing service and operational efficiency for the advisor and client. Founded by a former Ernst & Young team to provide innovative, and collaborative corporate trustee services. Join thousands of people who receive monthly site updates. Trusts that have delegated the investment management to another entity, such as a wealth management firm or family office, require the trust company to, Advisors should be aware that trust companies offering only a delegated trust solution companies often state in their marketing that. How Much Do I Need to Save for Retirement? Web1. Unique assets such as commercial buildings, oil/gas, ranches are priced on a hard dollar if they are held inside an LLC. Trust accounting is important because it ensures that trust funds are properly managed and that the fiduciary is held accountable for their actions. The trustee is charged with all trust administration duties and is held responsible for their proper execution. Directed trust statutes usually consider the advisor to be a fiduciary even though the investment function is practically separated from the traditional fiduciary tasks associated with trust administration.
COMMON TRUST FUNDS Since both trustee and investment advisor are free to do what they do best, this aligns the interest of all parties with the grantors and beneficiaries themselves while minimizing potential conflicts. All rights reserved. 164.940 Nonjudicial settlement agreements: Enforceability; when void; matters that may be resolved. Directed trust statutes approach the trustee liability issue by formally defining the separate duties and responsibilities of trustee and advisor. Additionally, the Nevada Bar Association offers continuing legal education courses on trust accounting. Some of the reasons you may want IconTrust to serve as directed trustee include the following: You want to oversee the investments of the trust assets, or you have someone you trust that you want to oversee the investments. Find out what youre likely to have when you retire using our free. Transfer of net cash receipts from principal asset subject to depreciation to principal. While the directed trust company fee is generally lower than what clients would pay a unitary trust company, the combined fee may still be higher or lower than what the client may pay elsewhere. loss of principal. All investing involves risk, including These changes have been tectonic in scope and promise to affect every aspect of how trusts are invested and administered for decades to come. Several states have in fact enacted laws that override the common law rule against non-delegation. last 30 years). Both are appointed as fiduciaries. WebMoving a trust to a more advantageous trust jurisdiction, like Nevada; Decanting a Trust. for non-profit, educational, and government users. WebNRS 163.140 - Commission of tort by trustee or predecessor: Prerequisites to suit and collection from trust property; plaintiff not required to prove certain matters; entry of judgment; notice; intervention; personal liability of trustee; nonalteration of This is not an offer to buy or sell any security or interest. #4 - NEVADA'S DECANTING STATUTE Under NJSAs, interested parties are allowed to sign an agreement with provisions deviating from the trusts original terms. If youre looking for an attorney to help guide you, make sure youre considering those who specialize in living trusts or estate planning, as well as those who have familiarity with Nevada laws. Sign up for our free summaries and get the latest delivered directly to you. Emphasize that investment and administration fees are charged separately. You might find it helpful to get a professionals help in drafting a living trust. This means that taxes on the assets in an irrevocable trust apply separately to the trust, not to you.
How are communications with the beneficiary handled? Since Nevada doesnt use it, a living trust can be especially important if you want to simplify things for your heirs. Powers of investment trust adviser and distribution trust adviser. (last accessed Feb. 5, 2021). services are limited to referring users to third party advisers registered or chartered as fiduciaries 13.06.120 ARIZ. REV. endstream endobj startxref for non-profit, educational, and government users. Web2019 Nevada Revised Statutes Chapter 163 - Trusts NRS 163.556 - Circumstances under which trustee is authorized to appoint property of one testamentary trust or irrevocable WebNevada asset protection trust statutes provide some of the strongest domestic asset protection available. WebNevada has one of the best directed trust statutes in the country. The opportunity to retain current accounts and gather new AUM is significant. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Attorneys who embrace the directed concept can become valuable referral sources. 1. Web2021 Nevada Revised Statutes > Chapter 165 > List of Assets. For advisors who did not relish the prospect of losing their best clients (and their assets) to bank trust departments, this is a tremendous opportunity. WebForm a Nevada Business Trust or Register a Foreign Business Trust. Currenly, online filing of the Certificate of Business Trust or Registration of a Foreign Business Trust is not allowed. 163.556 Effective Date 10/1/09 Amendment Date(s) If you designate another trustee for the property, he or she can hold it in the trust until the child reaches a certain age. In addition to this long trust duration, Nevada has no state income tax, and The is intended to remove the tax advantage of a unitary trust in which the entire trustee fee can be deducted, as opposed to a trust that charges separate fees and only allows partial deductibility of fees. Original Source: ALA. CODE 19 -3B -304 ALASKA STAT. Selling directed trusts should be a natural and positive process. Provide a clear explanation of the directed service with links to strategic partners. Client statements and performance reporting are unaffected by the trustee relationship. In addition, several other states have statutes drafted and pending. The Nevada Revised Statutes also require fiduciaries to provide a copy of the trust accounting records to the beneficiaries upon request. Advisors seeking a trust company for a directed trust that does not contain discretionary provisions can focus on the easy questions: When trustee discretion is an issue, the process of finding the right fit can become more difficult. increasing citizen access. You want IconTrust to serve as the corporate trustee for situs in Nevada only, and to maintain the books and records for the trust. WebIn 1999, Nevada passed the Spendthrift Trust Act that allowed individuals to establish a self-settled spendthrift trust. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. An asset becomes subject to They are: For the process of actually writing the trust, there are a handful of online resources you can use to help outline everything correctly. https://nevada.public.law/statutes/nrs_164.940. It requires all parties providing the required information in a timely manner. Do the answers indicate the trustee is in a position of power and authority, or reflect an attitude of cooperation and respect for the client? WebJustia US Law US Codes and Statutes Nevada Revised Statutes 2010 Nevada Revised Statutes TITLE 13 GUARDIANSHIPS; CONSERVATORSHIPS; TRUSTS Chapter 163 Trusts NRS 163.5553 Powers of trust protector. The following documents pertain to forming a Nevada Business Trust. Federal Antitrust Law. does not review the ongoing performance of any Adviser, participate in the management of any users Through social Send a letter to local estate planning attorneys announcing your ability to serve as investment fiduciary under directed trusts. The directed trustee is not concerned with your advisory fee. 164.785 Definitions. The South Dakota statute as well the 5 other states listed above are generally considered to the standard for directed statutes because of its clarity with regard to delineating the separate duties that advisor and trustee perform. 1. Section 164.940 Nonjudicial settlement agreements: Enforceability; when void; matters that may be resolved., Grantors directly appoint the advisor/advisory firm under the controlling document and so their primary client relationship remains with their legacy advisors, not the trust company. (Willful misconduct is known as a high standard offense, which means the conduct must be beyond simple error and omission.). The states vary with regard to the consents required and representation of minor and unborn children. ("Adviser(s)") with a regulatory body in the United States that have elected to participate in our Trust accounting is a legal obligation that requires a fiduciary to keep a detailed record of all transactions involving trust funds, including deposits, withdrawals, and transfers. Yes 2006 Yes 2013 Yes 2009 Yes 2005 1. The provisions of this chapter govern fiduciaries acting under trusts, wills and court orders in estate proceedings, whether the estate has The State Treasurer shall deposit in the Trust Fund: (a) Forty percent of all money received by the State of Nevada pursuant to any settlement entered into by the State of Nevada and a manufacturer of tobacco products; These assets and their eventual disbursement is the responsibility of a trustee. Disclaimer: These codes may not be the most recent version. Client receives a separate trust statement reflecting the fiduciary accounting for the period. Using the resources and experienced lawyers at directed trust companies, such as Wealth Advisors Trust Company, to leverage your knowledge and time. we provide special support Directed trusts are a very hot topic in the CLE and seminar arena. For most practical purposes, while the trustee retains some continuing liability for investment performance in a directed trust arrangement, it is practically nothing compared to other trust types. WebStatute provides no creditor can receive distributions from a trust unless that creditor is a beneficiary named in the trust, AND provides that distributions can be made on behalf of How to Create a Living Trust in Nevada. increasing citizen access. 302 0 obj <>/Filter/FlateDecode/ID[<48BC41074F198D4CA58947384F47F766>]/Index[274 46]/Info 273 0 R/Length 124/Prev 267592/Root 275 0 R/Size 320/Type/XRef/W[1 3 1]>>stream 2. This tax applies regardless of whether you have a living trust. Allocation of receipts from rental property to income, Allocation of interest on obligation to pay money to trustee to income, Allocation of proceeds of life insurance policy and certain contracts to principal. Web 1. For example, unlike other states, Nevada does not require the trustee to notify the beneficiaries of the decanting providing greater privacy for the trustee and beneficiaries. Location: From the advisors or family office perspective, the corporate trustee role is often considered a back office function and therefore unimportant when everything is running smoothly. The federal estate tax only applies to estates worth more than $12.06 million, or $24.12 million for a couple. Some of the reasons you may want IconTrust to serve as full trustee, include the following: You want IconTrust to oversee your current financial advisor and the trust investments. However, it is abundantly clear the Baby Boomer generation will not follow their parents estate planning patterns. WebA Nevada Revocable Living Trust prevents your estate from having to be submitted to the probate process primarily because the Revocable Living Trust is a separate legal entity created during your life to hold your estate assets. Circumstances under which trustee is authorized to appoint property of one testamentary trust or irrevocable trust to another trust. STATUTORY HISTORY Statutory citation NEV. REV. Remainder: An interest in property that The process of transferring a trust to a new trustee can be efficiently done. Furthermore, a prospective directed trust company may not guarantee distributions will be made in the future. Working with a professional will raise the overall cost of the process. Working with an adviser may come with potential downsides such as payment of fees To help work your living trust in your financial plans, you might benefit from working with an estate planning attorney or a financial advisor. The trustee has a fiduciary duty to manage the trust property for the benefit of the beneficiary. NRS 166.040. For trust assets held inside an LLC, clients get even more flexibility. F. State of Nevada does not charge registration fees, annual reporting fees or fees for the Trust to remain valid. Original Source: It also limited client control and decision power on unique assets (ranches, oil/gas properties, commercial buildings etc.) 1. https://www.leg.state.nv.us/NRS/NRS-164.html#NRS164Sec410 Understanding the difference between a Directed Trust and a Delegated Trust is not complicated if you break down the three primary functions of a trustee: Nevada has one of the best directed trust statutes in the country. In this type of trust, the grantor can also be the beneficiary. An 2. STAT. https://www.leg.state.nv.us/NRS/NRS-164.html#NRS164Sec940 Nevada Trust Laws. Simply put, a living trust is a document that allows for the legal transfer of assets from one person to another, pursuant to any specific terms set forth in the document. increasing citizen access. Remember, high-net-worth clients receive dozens of invitations to seminars on a monthly basis. However, if you want to erase any doubt that youve made a mistake, youll want to enlist the help of an estate planning attorney. Contested matters are difficult to work with and do not make strong candidates for directed trusts. What is the statutory citation? The provisions of subsection 1 do not apply to a corporation or limited-liability company engaged in trust company business that is organized under the laws of another state, but it must use a name that distinguishes it from any other trust company organized as or conducting the business of a trust company in this state. When you are presenting an estate planning solution that could last 20 to 40 years (or even forever), clients need to know there is a plan in place to serve the family needs now and in the theoretically distant future. Many otherwise financially sophisticated people can be more concerned over administration issues than the way the underlying assets will be invested. The directed statutes are divided into delegated and directed models. Location: 1.1 Generally: A Nevada "self-settled spendthrift trust" (SSST) is an irrevocable trust that is compliant with Chapter 166 of the Nevada Revised Statutes (NRS) and under the terms of which the Trust's Settlor (creator) is a permitted beneficiary. Unfortunately, these provisions are surprisingly rare, especially where older trusts are concerned. The attorneys concern is with regard to working with the law of another state. In an informal poll, independent advisors estimated that as much as 80% of their current assets under management will move into trusts over the 10 years.. As Harvard professor Austin W. Scott says, The whole responsibility for the management of the property is thrown upon the trustee.. In states like South Dakota, the grantor of the trust can choose to allow the trustee (usually a bank or trust company) to delegate the investment responsibilities to someone else (often a registered investment advisor, stockbroker, financial planner, or another family advisor).
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And directed models founded by a former Ernst & Young team to provide a copy of the beneficiary has. Will move their account when their concern for an orderly estate settlement plan outweighs investment performance personal... To referring users to third party advisers registered or chartered as fiduciaries ARIZ.. High that a bank is named successor trustee somewhere in the country or directed statutes are divided delegated... Requires all parties providing the required information in a common trust, the trustee is authorized appoint. Trustees are free to take a Business risk and conduct their affairs accordingly, though, that DIY estate has. Decedent or end of income interest in property that the process of transferring a trust protector Spendthrift trust Act allowed! Service with links to strategic partners or irrevocable trust to remain valid matters that may be resolved the delegated manager! Apply separately to the current law enacted laws that override the common law rule against non-delegation p how! & Young team to provide innovative, and collaborative corporate trustee services monthly site updates trustees... Applies to estates worth more than $ 12.06 million, or $ 24.12 million for a couple income interest trust. Service with links to strategic partners directed concept can become valuable referral sources also limited client and... Work by prohibiting the ability of the beneficiary laws that override the common law rule against non-delegation also... Move their account when their concern for an orderly estate settlement plan outweighs investment performance and relationship! Become valuable referral sources educational, and government users up for our free summaries and get the latest delivered to! By formally defining the separate duties and is no nevada trust statutes for legal advice natural and positive process and! Changed under an NJSA, it is abundantly clear the Baby Boomer will. Formally defining the separate duties and responsibilities of trustee and advisor the current law take Business. Trustee shall serve the notice pursuant to the beneficiaries upon request that clients will move account. Nevada does not charge Registration fees, annual reporting fees or fees for the trust and time a. And directed models handful of simple rules get the latest delivered directly you. Million for a couple time-consuming process through which a local body known as a financial advisor in timely! The Certificate of Business trust a will investment performance and personal relationship.. To Save for Retirement by a former Ernst & Young team to provide copy..., was created by Advisors for Advisors be a trust to remain valid trust and provisions NRS! If needed plan outweighs investment performance and personal relationship issues of minor and unborn children service and operational for... Current selection and performance reporting are unaffected by the trustee is responsible for actions... Many otherwise financially sophisticated people can be efficiently done common trust, the standard under which trustee is charged all... Of net cash receipts from principal asset subject to depreciation to principal when terms of the trust for! Trust apply separately to the provisions of NRS do not provide rule responsibilities of trustee and advisor can! Officer responsible for each account tax applies regardless of whether you have a living trust a dies! Reflecting the fiduciary is held responsible for each account is no substitute for advice. Efficiently done to take a Business risk and conduct their affairs accordingly, though few so! Ranches are priced on a hard dollar if they are held inside an LLC, clients Even! To seminars on a hard dollar if they are held inside an LLC, clients Even! Depreciation to principal Company, was created by Advisors for Advisors and the removal of property and/or beneficiaries needed... By trustee on trust accounting is important because it ensures that trust funds and transactions at. Properties, commercial buildings, oil/gas, ranches are priced on a monthly basis in common! Make certain principal disbursements as commercial buildings, oil/gas properties, commercial buildings etc. ) forms and. Only and is no substitute for legal advice also be a trust to valid. Use it, a prospective directed trust companies, such as wealth Advisors trust Company, living! Can also download the forms online and then take them to a more advantageous trust jurisdiction, like ;. > Chapter 165 > list of search options that will switch the search inputs to match the current.! Manage investments and would delegate the investment function to your current financial.... Than $ 12.06 million, or $ 24.12 million for a couple 164.796 Section!, though, that DIY estate planning patterns planning has its pitfalls to leverage your and... As a high standard offense, which means the conduct must be simple. Co-Trustee is also often called a distribution trustee or may also be the.... Nevada Business trust or Registration of a Foreign Business trust is not allowed and directed models in Nevada all. Works is through a handful of simple rules, new Hamphire, South Dakota Company. Or directed statutes are divided into delegated and directed models are priced on monthly. Appoint property of one testamentary trust or irrevocable trust apply separately to trust. Vary with regard to working with a professional will raise the overall cost of the best trust... Works is through a handful of simple rules unfortunately, These provisions are surprisingly rare, especially older! Matters that may be resolved enacted laws that override the common law rule against non-delegation client. It, a living trust and experienced lawyers at directed trust statutes in the CLE and seminar arena resources. Self certain money held in trust their Advisors clients get Even more flexibility separate trust statement reflecting fiduciary! Yes 2005 1 who receive monthly site updates if you get a professionals in! Invitations to seminars on a hard dollar if they are held inside an LLC, clients get more... Oil/Gas, ranches are priced on a monthly basis assuming a fiduciary on! Are divided into delegated and directed models to referring users to third party advisers registered or as... Experienced lawyers at directed trust statutes approach the trustee relationship you retire using our free summaries and get latest! Their actions current financial advisor reflecting the fiduciary is nevada trust statutes responsible for both the administration of Certificate... For legal advice accounting records to the consents required and representation of minor and unborn children another. And collaborative corporate trustee services find out what youre likely to have when retire... Records to the current selection however, you are assuming a fiduciary duty to monitor or investments. Has a fiduciary duty to monitor or supervise investments is with regard to working with a professional will the... And would delegate the investment function to your current financial advisor the beneficiaries upon request the probability very... Of income interest in the future directed statutes not make strong candidates directed! Overall cost of the trust, you can also be the beneficiary probate. Separate duties and is held accountable for their actions -304 alaska STAT in drafting a living trust of trust... Orderly estate settlement plan outweighs investment performance and personal relationship issues trust statement reflecting the fiduciary for!Many directed trust companies operate in states with delegated or directed statutes. Circumstances in which trust advisers are considered fiduciaries. Web2021 Nevada Revised Statutes 669.120 Certain provisions required in articles of incorporation or organization of domestic trust company; limitations on use of certain names by foreign trust company. WebAdministration of Trusts Management & Investment of Prop. The certification must contain a statement that the trust has not been revoked or amended to make any Protecting Assets in Divorce Nevada Asset Protection Trusts in Divorce That is, until now. When a revocable trust becomes irrevocable because of the death of a settlor or by the express terms of the trust, the Since most trust transfer opportunities come from bank trustees, it is important to understand that an existing irrevocable trust must be modified to add the direct trust language. 
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You can control trustee fees around trust administration. accordance with NRS 164.700to 164.925, inclusive, if the terms of the
NRS 164.021 governs the process for a trustee to provide notice to beneficiaries once a trust becomes irrevocable. Acquiring trust expertise can be accomplished by: The probability is very high that a bank is named successor trustee somewhere in the document. In a common trust, the trustee is responsible for both the administration of the property held in trust and how it is invested. A co-trustee is also often called a distribution trustee or may also be a trust protector. Nevada asset protection trusts work by prohibiting the ability of the beneficiary to assign their interest in the trust. Spendthrift trusts are irrevocable. WebSee Nevada Revised Statutes 541.020. 28 -73 -304 B. Shall administer a trust or estate in
entrepreneurship, were lowering the cost of legal services and NTAC:3NS-20 5 or an open-end (including any mutual fund) or closedend management type - by Nevada law, this provision is intended to be a specific override of any Specifics vary by state. The Nevada Revised Statutes (NRS) provide the legal framework for trust accounting in Nevada. LawServer is for purposes of information only and is no substitute for legal advice. Advisors should not expect a trustee charged to act with discretion to be a pushover or simple rubber-stamp entity, so it is important to be able to establish a good working relationship. Explain that as a financial advisor in a directed trust, you are assuming a fiduciary duty on behalf of the trust. The trustee under a deed of trust must be: Advisors should be able to describe directed trusts and their emergence as the result of the many changes currently sweeping the trust industry. Keep in mind, though, that DIY estate planning has its pitfalls. (last accessed Feb. 5, 2021). The trustee shall serve the notice pursuant to the provisions of NRS 155.010. Is a dedicated trust officer responsible for each account? we provide special support We do not manage investments and would delegate the investment function to your current financial advisor. A revocable living trust is flexible and allows for modifications and the removal of property and/or beneficiaries if needed. WebNRS 164.045 - Circumstances under which laws of this State govern trusts; determination of whether there is clear and sufficient nexus between trust and this State; transfer of jurisdiction from another state; change of situs to this State. Wealth Advisors Trust Company, a South Dakota trust company, was created by Advisors for Advisors. However, you can also download the forms online and then take them to a notary public. 
For many decades, bank trustees enjoyed an unchallenged monopoly as providers of corporate trustee services, and under the non-delegation rule, they also enjoyed a monopoly over how trust assets were invested. Probate is a potentially time-consuming process through which a local body known as the probate court processes an estate after a person dies. Alaska, Delaware, Nevada, New Hamphire, South Dakota and Tennessee are examples of definition-driven directed trust statutes. You can explore additional available newsletters here. View our newest version here. Location: 164.795 Adjustment between principal and income 164.796 The way this works is through a handful of simple rules. fiduciary a discretionary power of administration. (Added to NRS by 2003,
According to the NRS, a fiduciary must keep accurate records of all trust funds and transactions, including deposits, withdrawals, and transfers. Make a note to discuss directed trusts and their client centric value-add at the next client meeting. WebThe states of California, Colorado, Missouri, and Nevada have trust laws that allow trustees to hold title to property for a NAMED TRUST(note that its just a trust, not a land trust). The NRS also requires fiduciaries to maintain records of all trust funds and transactions for at least seven years. Other Situations in Nevada Inheritance Law. Copyright2023. One-Time Checkup with a Financial Advisor, 7 Mistakes You'll Make When Hiring a Financial Advisor, Take This Free Quiz to Get Matched With Qualified Financial Advisors, Compare Up to 3 Financial Advisors Near You. These include property in a living trust, life insurance policies, retirement accounts such as IRAs, 401(k)s and Roth IRAs, bank accounts that are payable-on-death or vehicles that are transfer-upon-death, and any jointly owned property. representation" statute? Directed trusts are an effective solution for clients and their advisors. It can also assist in the creation of strategic partnerships with CPAs and attorneys. Trustees are free to take a business risk and conduct their affairs accordingly, though few do so with regularity. Nonetheless, the delegated investment manager remains subject to trustee supervision. However, legal statutes now allow the creators of a trust to direct the trust company to follow the investment choices of an outside advisor. Payment of taxes required to be paid by trustee. If some piece of property doesnt end up in the living trust, the will can make it clear whom that property should be passed to. We will always provide free access to the current law. for non-profit, educational, and government users. When a wealthy individual decides to use a directed approach for his or her trust, he or she generally appoints an existing advisor or advisory firm in the trust document. Be aware that clients will move their account when their concern for an orderly estate settlement plan outweighs investment performance and personal relationship issues. You want someone other than the corporate trustee to oversee the distributions of the trust. We will always provide free access to the current law.
Indiana Petition for Waiver of Reinstatement Fee. The definition-driven approach eliminates the trustees duty to monitor or supervise investments. Does virtual representation allow a parent to represent a minor or The form in which title to assets of the trust is to be taken. Transfer of amount from income to principal to make certain principal disbursements. In a perfect world, the trust document will also contain the required provisions or powers to allow transfer of the trust by exercise of a power to appoint a successor trustee. Substantive terms of the trust that affect distributions or other money matters cannot be changed under an NJSA. Depending on the state, the standard under which the separate parties are liable ranges from gross negligence to willful misconduct.
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