Setting Up a Trust
To set up a trust, first decide what kind of trust suits your needs. Draft a trust document with an estate lawyer, or on your own, that names the grantor, trustee, beneficiaries, and assets. Choose the trustee carefully as they manage the assets. Decide if you want a revocable or irrevocable trust. Each has pros and cons.
Considerations when Creating a Trust
People create trusts to facilitate asset transfers outside probate and minimize estate taxes. Determine the trust’s purpose first, then choose what type you need. For real estate, file a notarized deed with the trust as the new owner. Fund all assets as instructed. Review trustees and beneficiaries regularly.
Amount Required to Set Up a Trust
Working with an Estate Planning Attorney
An estate planning attorney speeds up the trust creation process. Whether you consult one for advice or have them draft everything, it helps ensure legally binding documents that achieve your goals. Attorneys generally charge $1000-$3000 to fully establish a trust. Basic online services cost less but require more personal effort.