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How to Prepare for Creating A Trust

Trusts can provide you with many benefits, and trusts are one of the most important legal tools in estate planning. Learn more about creating a trust in this presentation.

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How to Prepare for Creating A Trust

  1. 1. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 HOW TO PREPARE FOR CREATING A TRUST
  2. 2. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 WHAT IS A TRUST?
  3. 3. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 A trust is a type of legal tool.
  4. 4. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 A trust is created using a trust document.
  5. 5. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 The trust separates possession of property and ownership of property.
  6. 6. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 SHOULD YOU CREATE A TRUST?
  7. 7. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 Trusts can provide you with many benefits, and trusts are one of the most important legal tools in estate planning.
  8. 8. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 You will need to make smart choices regarding whether you should create a trust or not.
  9. 9. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 An attorney can help you to decide whether a trust will work to accomplish your desired plans and goals.
  10. 10. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 PREPARING TO CREATE A TRUST
  11. 11. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 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.
  12. 12. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 Some of these steps include the following:
  13. 13. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 DECIDE WHAT KIND OF TRUST YOU WANT
  14. 14. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 There are different kinds of trusts.
  15. 15. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 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.
  16. 16. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 LIST THE ASSETS YOU HOPE TO PUT IN THE TRUST
  17. 17. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 You need to list the property you are hoping to transfer into the trust.
  18. 18. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 It is not always possible for assets to be transferred to a trust without creating serious consequences.
  19. 19. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 DECIDE WHO TO NAME AS TRUSTEE
  20. 20. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 When you create a trust, you could serve as trustee under certain circumstances (depending upon trust type).
  21. 21. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 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.
  22. 22. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 DECIDE WHO THE BENEFICIARIES WILL BE
  23. 23. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 You also need to determine who you are going to name as the beneficiary of the trust.
  24. 24. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 The beneficiary or beneficiaries are the people who the trust is created to provide for.
  25. 25. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 The choice of beneficiary can sometimes dictate which kind of trust is right for you.
  26. 26. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 For example, when leaving money to someone with a disability, you may need to use a special needs trust.
  27. 27. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 CONTACT AN ATTORNEY TO CREATE YOUR TRUST
  28. 28. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 The best way to prepare for trust creation is to get an experienced attorney to help you prepare.
  29. 29. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 Your lawyer can take care of everything associated with trust creation for you.
  30. 30. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 LEARN MORE ABOUT CREATING A TRUST, NEW YORK
  31. 31. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 Click to visit mrobinsonlaw.com. Or call us at (585) 374-5210 to schedule a consultation.

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