1. Assess Your Current Assets:
This will help you determine which assets require protection and how much must be included in the trust.
2. Collect All Necessary Documentation:
Collect necessary documents such as deeds, titles, and other legal forms that are required to create a legally binding trust.
3. Choose a Trustee:
Choose someone you can trust to handle your estate properly and who is capable of understanding the details of your trust agreement.
4. Draft Your Will or Revocable Living Trust:
Depending on the size of your estate, it may not be necessary to have both documents but some advisors recommend having both for maximum protection.
5. Select Beneficiaries:
Decide who will receive your assets upon your death and how (i.e. lump sum, installments, etc.).
6. Create a Funding Plan:
Determine which of your assets you want to be included in the trust and what steps you need to take to transfer them into the trust agreement.
7. Sign Your Trust Agreement:
Once all parties have signed off on the documents, they must be notarized for legal standing in court.
8. Make Updates As Needed:
Keep detailed records of updates made to the trust agreement so that changes can be tracked over time as needed or required by law.