In this interesting video, Fredrick P. Niemann, Esq, a New Jersey Trust law attorney, discusses a State Statute known as N.J.S.A.3B:31-27B which states that an “Irrevocable Trust may be terminated upon consent of all the beneficiaries if the Court concludes that continuance of the Trust is not necessary to achieve any material purpose of the Trust”.
Mr. Niemann briefly discusses the impact of the Statute and how it is to be interpreted for those individuals who have buyer’s remorse meaning they wish they hadn’t created an Irrevocable Trust for their own protection and now want to terminate it.
A must watch video for anybody who is contemplating the creation of an Irrevocable Trust for their own benefit.
Mr. Niemann invites his readers to contact him should they be in need of advice and direction concerning Trusts in NJ at fniemann@hnlawfirm.com or call (855) 376-5291.
By Fredrick P. Niemann, Esq., a NJ Trust Attorney