How do I set up a Trust

Asked on July 21, 2015 under Estate Planning, California

Answers:

S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

Setting up a trust is complicated and it would be advisable to have an attorney handle the entire matter.

First, you need to determine what type of trust you want.  This would depend on the purpose of the trust.

Every trust requires a trustee to administer the trust, a beneficiary (the person for whom the trust was created and who can enforce the trust provisions), trust property for the trustee to administer, and a valid trust purpose.

In addition to designating a trustee, a successor trustee should also be designaed in case the original trustee is unable to serve in that capacity.

You also need to be concerned about tax consequences in addition to many other issues in the provisions of the trust.

 


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