After learning what a trust is, the next question is usually: “Okay… so what do I actually need to get started?”
The good news is this: you don’t need to have everything perfectly figured out before talking to an attorney. But there are a few key decisions and pieces of information that are helpful to think through ahead of time.
1. Basic Information About You and Your Family
Every trust starts with the basics:
- Your full legal name (and your spouse’s, if applicable)
- Your contact information
- The names of your children or other beneficiaries
This may sound simple, but accuracy matters. Trusts are legal documents, and names need to match titles, deeds, and accounts.
2. Who Will Be in Charge? (Your Trustee)
One of the most important decisions in creating a trust is choosing who will manage it.
Most people serve as their own trustee while they’re alive and well, but you do not need to that is your decision. You will also need to choose:
- A successor trustee (the person who steps in if you can’t manage things)
- Backup options, just in case
This should be someone responsible, trustworthy, and capable of handling financial decisions.
3. Who Should Receive Your Assets?
Next comes the heart of the trust: your beneficiaries.
You’ll want to think about:
- Who should inherit (children, family members, charities)
- Whether assets should be divided equally or in specific percentages
- What should happen if a beneficiary passes away before you
If your beneficiaries are minors or young adults, a trust allows you to set rules around when and how they receive assets. These rules can also apply to any other beneficiaries that you wish.
4. When Should Assets Be Distributed?
A trust gives you flexibility that a will does not.
Common questions include:
- Should beneficiaries receive everything at once, or over time?
- Should the trustee have discretion to help with education, health, or living expenses?
- Are there ages or milestones that make sense for distributions?
There’s no single right answer, this is about what fits your family and values.
5. Planning for Incapacity
A trust isn’t just about what happens after death. It also plays a key role if you become unable to manage your affairs due to illness or injury.
You’ll want to consider:
- Who should manage the trust if you’re incapacitated
- How incapacity should be determined
This kind of planning can save your family significant stress and court involvement later.
6. What Assets Will Go Into the Trust?
Finally, think about what you own:
- Real estate
- Bank and investment accounts
- Business interests
- Personal property of significant value
Not everything has to be transferred immediately, but having a general list helps the trust actually works as intended.
You Don’t Have to Figure This Out Alone
Many people worry they need all the answers before meeting with an attorney. In reality, part of the process is working through these decisions together and understanding your options.
A trust should reflect your life, not a template.
Contact our office to schedule a consultation and get your trust established.
Skoog Law Blog 