Most people are familiar with creating a will and last testament, but they may not know how to create a trust. A trust is an important document to have as part of your estate plan, but it is often overlooked. A lot of people ask if setting up a trust fund requires obtaining the legal services of an estate planning lawyer. However, the process is fairly simple and can be done in a few steps. Here are the basics of creating a trust before you meet with a lawyer.
What is a trust?
Contrary to what many people believe, a trust is not something only high income earners should have. A trust can be made by anyone who has assets and wants to have greater control over how they will be managed after they die. By setting up a trust you can establish added layers of security so that your assets will be distributed to the right people.
Creating a Trust
You can create a trust fund through several different ways. You can do it on your own, through a third party service, or with the help of a lawyer. Everyone has their own framework for making a trust, but generally it includes the following steps:
- Determine your goals
- Evaluate your assets
- Set up a trust account
- Choose a trustee
- Develop a trust document
- Sign and notarize the trust
- Transfer your assets
Why should I have a lawyer help me?
Hiring a lawyer to set up your trust comes with many advantages. Some factors to consider include the size of your estate and the type of goals you are trying to achieve. You can depend on a professional to take care of the more sophisticated parts of setting up a trust for you, such as creating the trust document and finalizing the agreement. With a lawyer to guide you, you can avoid making crucial mistakes which can be expensive to fix.
In some cases, setting up a trust can be a complicated process. The more assets you have and the larger your estate, the more steps you may need to take to secure them. A trust lawyer such as one from W.B. Moore, Attorney at Law, can help you organize your estate plan if you are dealing with high-value assets or a larger number of assets. There are several types of trusts and multiple approaches to creating one, so you may want guidance if you are new to making one. Contact a qualified estate planning lawyer if you need assistance creating a trust now.