how to prepare for creating a trust

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HOW TO PREPARE FOR CREATING A TRUST



WHAT IS A TRUST?



A trust is a type of legal tool.



A trust is created using a trust document.



The trust separates possession of property and ownership of

property.



SHOULD YOU CREATE A TRUST?



Trusts can provide you with many benefits, and trusts are one

of the most important legal tools in estate planning.



You will need to make smart choices regarding whether you should

create a trust or not.



An attorney can help you to decide whether a trust will work to

accomplish your desired plans and goals.



PREPARING TO CREATE A TRUST



If you are thinking about creating a trust, there are a few steps you

should take to prepare before you actually go forward with the creation of a trust document.



Some of these steps include the following:



DECIDE WHAT KIND OF TRUST YOU WANT



There are different kinds of trusts.



The first and most important step to take is to consider pros, cons, and purposes of each trust type so you

can assess which kind of trust actually makes sense for you to use.



LIST THE ASSETS YOU HOPE TO PUT IN THE TRUST



You need to list the property you are hoping to transfer into the trust.



It is not always possible for assets to be transferred to a trust without creating serious consequences.



DECIDE WHO TO NAME AS TRUSTEE



When you create a trust, you could serve as trustee under certain

circumstances (depending upon trust type).



You are either going to need to name a backup trustee (if you are the primary) or name a primary trustee to manage trust assets.



DECIDE WHO THE BENEFICIARIES WILL BE



You also need to determine who you are going to name as the beneficiary

of the trust.



The beneficiary or beneficiaries are the people who the trust is created

to provide for.



The choice of beneficiary can sometimes dictate which kind of

trust is right for you.



For example, when leaving money to someone with a disability, you may need to use a special needs

trust.



CONTACT AN ATTORNEY TO CREATE YOUR TRUST



The best way to prepare for trust creation is to get an experienced

attorney to help you prepare.



Your lawyer can take care of everything associated with trust

creation for you.



LEARN MORE ABOUT CREATING A TRUST, NEW YORK



Click to visit mrobinsonlaw.com. Or call us at (585) 374-5210 to

schedule a consultation.

how to prepare for creating a trust

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