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How Is A Trust Fund Established?

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Establishing a trust fund requires a document that specifies your wishes lists beneficiaries, names a trustee or trustees to manage the assets and describes what the trustee or trustees may do. For a living trust fund, you can name yourself as trustee but if you do, you should also name a successor trustee to take over if you should become disabled or when you die. Once the document is completed, you must transfer the assets to the trust. Keep in mind that in the case of certain assets, such as real estate, you may incur fees and transfer taxes. Some states require you to file a trust document with the state.



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