What Information is Needed to Set Up a Trust?

Now that you have decided that a living trust is the right estate planning tool for you, what do you do now? What information do you need to set up a trust? In this article, we will go over what you need to set up a trust.

Successor Trustee

Your successor trustee is the individual or individuals who will care for administering your trust on your behalf. It can be a family member, friend, or financial institution. You can choose someone to act alone or multiple people to act jointly. You should have at least two, so you have a backup if the first is unable to act.

Beneficiaries

Beneficiaries are the individuals or entities who will receive your assets. You will need to decide if you want them to inherit a percentage, dollar amount, or specific asset. You can also choose to delay the age at which they receive the funds. If you set up a dynasty trust you can also protect the assets you leave behind from your beneficiary’s bankruptcy, divorce, or creditor proceedings.

Financial Power of Attorney

Your financial power of attorney is to name individuals to care for your finances if you are incapacitated. These individuals should match your trustees.

Health Care Power of Attorney

This is who is going to care for your health care decisions if you are incapacitated. It can be joint agents or a single agent with a backup. They will make decisions regarding organ donation, life support, mental health services, etc.

Final Disposition Instructions

Here you will need to decide if you want to be buried or cremated. You can also name individuals who will care for your final arrangements. If you want your ashes to be taken care of a certain way or to be buried somewhere specific, you will want to notate this as well.

Assets

You will need to provide your preparer with the property addresses you own and potentially copies of deeds. You may also need to provide account numbers for checking accounts, savings accounts, brokerage accounts, CDs, and annuities.

Gather What Information is Needed to Set Up a Trust

Now that you know what information is needed to set up a trust, you need to find someone you trust to prepare your documents. Wealth Guardian Group has extensive experience and can be a helpful partner in your estate planning journey.

Questions? Want to schedule an appointment? Contact us by clicking here.