How to Prepare for Creating A Trust
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Transcript of How to Prepare for Creating A Trust
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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
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196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
WHAT IS A TRUST?
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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.
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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.
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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.
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196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
SHOULD YOU CREATE A TRUST?
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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.
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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.
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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.
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196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
PREPARING TO CREATE A TRUST
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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.
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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:
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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
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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.
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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.
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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
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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.
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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.
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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
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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).
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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.
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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
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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.
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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.
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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.
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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.
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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
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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.
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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.
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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
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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.