Legal Question in Wills and Trusts in New Jersey
1) What happens to the debt I leave after my death, if all my estate is placed in the irrevocable trust and this trust says in its provisions that all estate may not be a subject for any claims by any creditors?
My beneficiaries are also covered by the same trust for the rest of their life, and the same statement about the creditors applies to them as well. After my death, may my creditors force my beneficiary (who keeps the same trusts ) to pay my debts?
2) If my irrecoverable trust states that I and (after my death) my beneficiaries may use trust money by checks from trust account or by cash withdrawal from time to time with a help of a trustees (by the written request to the trustee), should it be a problem with an additional permission from the court, or it's just easy way to do it: if the trust says" yes", then " yes"?
Thank you!
2 Answers from Attorneys
Not having seen or read the trust document, my best reply is maybe. Issues to be considered are fraudulent transfers, use of trust funds by you and/or on your behalf. This response may be different if assets are placed in the trust while you are still alive and several years pass with no creditor claims and no use or benefit of trust assets by you. More information is needed for a better reply. This is a response to an Internet question and the reply is not intrended to be legal advice or as creating an attorney-client relationship.
Your questions can not be answered without an attorney looking at all of the documents, and going over the facts.
I can help you with this. Give me a call, make an appointment to come see me, and let's get moving on this for you. No charge for the telephone call and no charge for the first office visit.
Robert Davies, Esq. 201-820-3460
The Davies Law Firm, P.A.
45 Essex Street, Suite 3 West
Hackensack New Jersey 07601
Phone: 201-820-3459
Fax: 201-820-3461
Email: [email protected]
Website: AttorneyRobertDavies.com
Please keep in mind that my response is just a general comment on your question, and not legal advice. I have answered based upon the law of the State of New Jersey where I practice; the laws in other states may be very different, and may result in very different outcomes. Your question and any response does NOT create an attorney-client relationship between you and this law firm. The exact details of your situation and things that you have not mentioned in your question can completely change the response I gave. You can not rely upon what I have written as legal advice, because I do not have all of the information that I need to advise you, I only have the very small amount of information that you put into your question. To get legal advice that you can rely on and use, please contact me directly.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
