A Step-By-Step Guide to Creating a Trust


A family trust is a smart financial tool to involve in your estate plan. A trust isn’t only for the super-wealthy. Setting up a trust gives you more control over how your assets are distributed amongst your beneficiaries after your demise. If your property is complicated, you can get an estate planner involved. However, if your estate is simple, setting up a trust is achievable with the proper guidance. 

Steps to Set Up a Trust-

  1. Identify the type of trust you want: Various types of trusts are available, the two main types being revocable and irrevocable trust. You can choose them depending on your purpose. However, there are many others like testamentary, special needs, charitable, and asset protection trust.
  2. Choose a method: Trusts can be set up in multiple ways. You can create your own with an estate attorney, an online service, or open one on your own and get it legally registered.
  3. Create a trust document: Choose the following vital components and verify them in your trust document-
  • The trustor- The person who creates the trust account is called a trustor, grantor, or settlor.
  • The trustee- The third person who handles all your assets in the trust fund until they are transferred to your beneficiaries.
  • Recipients- The beneficiaries who will gain the benefits of your assets after your demise.
  • The financial and physical assets that you want to include in your trust fund.
  • Conditions on which the trust will be distributed or discontinued.
  • The time period of the trust.
  1. Get the documents notarized: Although it is not necessary for most states, notarizing is still a safe way to prevent fraud and prove the validity of your trust in front of witnesses when you sign them.
  2. Add funds: Finally, you can transfer the assets you want to give your beneficiaries into the established trust bank account. 

Benefits of a Trust-

  1. Avoids Probate
  2. Keeps your estate safe
  3. Prevents challenges
  4. Streamlines estate distribution
  5. Saves efforts
  6. Reduces estate taxes

About Castle Wealth Group

Are you searching for a reliable and quality company to assist you with creating trust? At Castle Wealth Group, we build a perfect strategy for your retirement, including income planning, investment planning, tax planning, health care planning, and legacy planning. Visit our website or call us at 844.885.4200 or email us for your financial advice.

Castle Wealth Group Legal in Media

Send Us a Message