How to set up a trust
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SPEAKER: A trust gives you peace of mind that your family's wealth is managed the way you want. It can fund goals for future generations, like going to college or investing in property. You can even set up a trust for a charity you support to keep your legacy going long after you're gone. Having a trust ensures your wealth is used the way you'd like it to be, both now and for years to come. 
So how do you set up a trust? Let's walk through the basics. First, think about what to leave in your trust. You can choose anything from property and cash to stocks and bonds. The more assets you leave in your trust, the more effective it will be. 
Next, decide who you want to inherit your assets. Your beneficiaries may include your children, grandchildren, or close family members. But you can also choose a charity, cause, or organization you care about. Next, think about how and when you want your assets distributed. This might include things like age requirements or terms for how beneficiaries use the assets. 
After you've considered these factors, it's time to find someone to manage the trust for you. This is the trustee. The trustee could be someone you know or a third party, like a financial institution. This is the person or organization who manages your trust in the years to come. 
If you work with a financial institution, often called a corporate trustee, you will also work with a trust administrator. This is the person assigned to help facilitate the details of your trust. You may want to meet with your trust administrator before meeting with an attorney, as they can help answer questions about what to include in the trust. 
Then you'll work with an attorney to draft the actual trust document. Your attorney can help make sure you include the specific rules you decided on in your trust. And there you have it. In just a few steps, you've handled an essential part of estate planning. By creating a trust, you ensure your wealth is managed properly and according to your wishes for years to come. 
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