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Funding New Jersey Trusts with Jewelry

Posted on Thu Aug 20, 2015, on Trusts

From our “Ask a Question” Mailbag: Funding New Jersey Trusts with Jewelry

Most Recently Updated July 20, 2018.

“I have some very nice pieces of jewelry that I would like to make sure stays in the family, passing from oldest daughter to oldest daughter. Can I form a trust in my will to hold jewelry?”

Funding New Jersey Trusts with Jewelry

Funding New Jersey Trusts with Jewelry

Why place your treasured jewelry in trust for your children? The most obvious answer is to protect it from divorce and creditors.  Another reason is to ensure the jewelry stays in the family and doesn’t end up with your daughter-in-law.  She may wear it while your son is alive, but the jewelry passes to your granddaughter at his death.

So, the short answer to your question, can I fund a trust with jewelry is yes.

The most common way is to form the trust at your death through your will.  The “trust under will” can hold almost anything. In the past, I have created trusts to hold real estate, artwork, and even a rather unique chair. The trust’s terms can be crafted to suit your needs, including making sure your jewelry is held for the eldest daughter.

Because New Jersey revoked the Rule Against Perpetuities, this trust could shelter your jewelry for as long as you have a living descendant. Pretty cool!

More Planning Questions?

Other options include forming a Revocable Living Trust during your lifetime to hold the jewelry.  We can brainstorm over the options to decide which best serves your situation.  Most of these options do not affect how you use or enjoy your jewelry during your lifetime.  Feel free to wear that necklace to the ball!

Funding a trust is only a piece of the Estate Planning process. If you want to learn more, please read my more detailed article, Estate Planning Everything You Need to Know.

In Conclusion: Funding New Jersey Trusts with Jewelry

Personal property items such as jewelry, artwork, or even grandma’s dishes can be tricky. Nobody holds grudges like family! When working with our estate planning lawyers, we will take the time to address these issues. The goal is to avoid conflict and make the probate process easy and boring for your family.

Hopefully, your questions were answered in this short article. If you want more, please follow the link I provided above. Feel free to set up a free consultation. If you have an idea for another article, please let me know; your comments and questions are welcome!

Sometimes, when trying to make everyone in the family happy, you make none of them happy. Brainstorm with our Estate Planning lawyers. We have seen it all! We can help walk you through this confusing process.

It’s All We Do: Wills, Trusts, Probate, and Estate Litigation!

To begin with, call to speak to one of our experienced estate planning lawyers. By all means, our lawyers are ready to answer your questions. Feel free to contact our office for a free consultation. Ultimately, our goal is to make the process as painless as possible!

Tags:

Camden County, Estate Planning, Estate Planning Attorney, Estate Planning Lawyer, New Jersey, Trusts

Peter KlenkPeter Klenk

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