Forming a Trust

End of Life Management Toolkit #7 | by Team Passare and Robert L. Shepard

Establishing Trusts

Here is a checklist of tasks you will need to complete when forming a trust.

Where to start.
Review the various types of trusts to determine which trust is appropriate for you.
Consult with a lawyer as needed for specific trust advice and counsel.
Take inventory of your assets and then itemize what you are going to leave in the trust.
Make decisions about who will inherit your trust property.
Family
Friends
Colleagues
Charities
Alternate beneficiaries
Choose someone to be designated as your successor trustee to distribute property to beneficiaries.
I have chosen a successor trustee
I have chosen a alternate successor trustee.
Discuss the responsibilities of being a trustee with the person you choose, to ensure that he or she is willing to assume this responsibility.
I have discussed the responsibilities with the successor trustee.
Choose someone to manage property for all children under the age of 18.
I have chosen a person to manage property for all children under the age of 18.
Consult with an attorney for help to prepare the trust.
I have consulted with an attorney for help to prepare the trust.
Final Steps.
Prepare the trust document.
Sign the trust document.
Your spouse signs the trust document.
Notarize the trust document.
Transfer title of property and/or assets to yourself as trustee.
Store your trust document safely. Provide your trustee with a copy and then provide a copy to your lawyer, if applicable.
Provide instructions to access the trust document for the appropriate people.

 

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