Trusts are set up for a number of purposes, and there are different types of trusts designed for each. Generally speaking, though, a trust is established to manage assets for another for a certain duration. Because the rules can be somewhat complex for establishing trusts, it is a good idea to work with a Bryan Trust Attorney who understands the process.
Some Rules for Setting up Trusts
Whether the beneficiaries are minors, are special needs, or need assistance in managing money they inherit for another reason, a trust must have both beneficiaries and assets. You cannot open an empty trust. Your Bryan Trust Attorney will explain the requirements for establishing a trust in more detail, but some of these are:
- There does not need to be specific language in the trust, but the settlor must intend to create it and have the mental capacity to do so. A minor under age 18 is not considered to have the mental capacity unless he is married or in the armed forces.
- The property to be conveyed into the trust must be identified.
- A trustee must be named who will manage the assets of the trust for the beneficiaries.
- The trust must comply with state laws.
How to Set up the Trust
Your first step in setting up the trust should be to hire a Bryan Trust Attorney with whom you feel comfortable. You will then draw up the documentation. Before you name a trustee, it is important to discuss the matter with the designee to make sure he wishes to take on this responsibility and is able to do so. When the trustee is named, get the documentation notarized and transfer the property into the trust.
A Bryan Trust Attorney Can Help
If you are interested in establishing a trust, work with a Bryan Trust Attorney. Peterson Law Group provides the highest standard of legal assistance. Call us to arrange a consultation today at 979-703-7014.