New Jersey Statutes 3B:31-18. Methods of creating trust
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Terms Used In New Jersey Statutes 3B:31-18
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- Trustee: A person or institution holding and administering property in trust.
3B:31-18. Methods of Creating Trust.
A trust may be created by:
a. transfer of property under a written instrument to another person as trustee during the settlor’s lifetime or by will or other written disposition taking effect upon the settlor’s death;
b. written declaration by the owner of property that the owner holds identifiable property as trustee; or
c. written exercise of a power of appointment in favor of a trustee.
L.2015, c.276, s.1.