New Jersey Statutes 3B:11-32. Community trust irrevocable
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Terms Used In New Jersey Statutes 3B:11-32
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
14. A community trust for persons with severe chronic disabilities is irrevocable, but the trustees in their sole discretion may provide compensation for any contribution to the trust to any trustor who, upon good cause, withdraws a beneficiary designated by the trustor from the trust, or if it becomes impossible to fulfill the conditions of the trust with regard to an individual beneficiary for reasons other than the death of the beneficiary. The trustor may also designate one or more remaindermen at the time the contribution is made to the trust.
L.1985,c.424,s.14; amended 1993,c.224,s.4.