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The creation of trusts can be expressed or implied

Trusts offer many estate planning benefits to New Jersey residents who include them in their long-term plans. However, trusts can be made in two very different ways. Some parties may expressly choose to create trusts. Others may find that trusts are created without their direct involvement.

An express trust is one that is created based on the definite intentions of the creator. This type of trust has specific property included in it and is created for specifically named beneficiaries. An express trust is written and will explicitly state the trust creator's intentions regarding the person's desire to make the trust.

Conversely, an implied trust is not created with such unambiguous detail. Rather, implied trusts are made when doing so serves the interests of the affected party. For example, if creating a trust would protect a presumptive creator from perpetrating a fraud or some other wrongdoing, a court by operation of law may create a trust with that presumptive creator's property. In the creation of an implied trust, the initial owner of trust property may not have intended to make a trust.

Most individuals choose to expressly create trusts for their own financial benefit as well as the benefit of their intended beneficiaries. As a result, an express trust can take on different formats. It can be organized as a charitable trust or a bypass trust, a generation-skipping trust or an honorary trust. It can be made revocable or irrevocable, all at the discretion of the trust creator.

When creating an express trust there are many important decisions that an individual will have to make. Legal professionals who work in the estate planning field can assist those interested in creating trusts with establishing express trusts that meet their needs.

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