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Can a blind trust be formed to claim the lottery prize in New Jersey? Is it permitted by the New Jersey law? Thank you

1 Answers. Asked on Mar 01st, 2012 on Estate Planning - New Jersey
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Answered on Mar 04th, 2012 at 7:09 AM

Yes - a trust can be formed.  You can allow the trust to accept the prize and do not have to have your name announced.  People often do that because if you win the lottery, you will be inundated with requests for money.  Keep in mind you will have a time deadline to accept your lottery prize. 

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Estate Planning
It's a common misconception that estate planning is only appropriate for the elderly and those who have amassed a significant amount of wealth. Not true. All adults who are mentally capable should have an estate plan, which can include a last will and testament, trusts and/or advance directive such as a healthcare power of attorney and living will. An estate planning lawyer can work with you and your spouse to assess your estate planning needs, create the documents which form the foundation of your plans and then update those documents as necessary. Estate planning law firms can also work with clients who have special needs and concerns, including those dealing with a chronic or terminal illness, the parents of disabled children and parents who want to protect certain assets for their children from a prior marriage.
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