New Jersey Statutes 3B:11-37. Establishing an OBRA ’93 trust
Terms Used In New Jersey Statutes 3B:11-37
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Grantor: The person who establishes a trust and places property into it.
- 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
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
- Trustee: A person or institution holding and administering property in trust.
b. Upon the request of an interested party, a court may establish an OBRA ’93 trust for a person who is disabled as defined in section 1614(a)(3) of the federal Social Security Act (42 U.S.C. § 1382c (a)(3)), whether or not the person is an incapacitated person as defined in N.J.S.3B:1-2, and may direct that the assets of the person with a disability be placed in the OBRA ’93 trust.
c. Prior to establishing an OBRA ’93 trust for a person with a disability who is incapacitated, the court shall consider the factors listed in N.J.S. 3B:12-3
d. Prior to establishing an OBRA ’93 trust for a person who is a minor, the court shall consider the applicable Rules of Court and State law relating to the handling of funds for a minor, including, but not limited to, the provisions of N.J.S. 3B:15-16 and N.J.S. 3B:15-17
e. Nothing in this section shall be construed to preclude an OBRA ’93 trust from being created by any person in addition to a court as would be consistent with 42 U.S.C. § 1396p(d)(4).
f. Notwithstanding any provision or principle of law to the contrary, a beneficiary, grantor, trustee or other person shall not have authority to revoke an OBRA ’93 trust. This provision shall apply whether or not an OBRA ’93 trust instrument designates the trust as irrevocable or whether the OBRA ’93 trust was created by a court or otherwise.
L.2000,c.96,s.3.