What service works best before you?

There are a variety of options available when it comes to setting up family trusts, and as such the process could entail a number of steps, ranging from just a few to several. It all depends on the type of trust you want and where you get it from. For example, you could set up a family home trust online in no time at all. You simply have to find a reputable organization staffed by knowledgeable and experienced professionals, enter information as prompted, and pay a small fee. In as little as 15 minutes the process could be complete. If your needs are somewhat more complex, there might be a bit more to it. There are certain steps that are generally included when you set up a trust, however. Here are a few tips to prepare you for this form of asset protection.

What assets do you want held in trust?

The place to start is with two main pieces of information: which assets you want to protect and the names of the beneficiaries you want them to go to. Assets that could be included in a family trust include such items as your primary residence, other properties, and valuables like art, jewelry, and furniture. You can even place stocks and bonds into a trust, although you will likely incur higher fees associated with maintaining any trusts that contain income-earning assets.

Who should be trustees?

You also need to select a trustee to oversee the trust, and this person is often the attorney or estate planner if your needs are more complex and you hold income producing assets. If you are only holding non-income producing assets, maybe only your family home and term life insurance it would be appropriate for yourself and your partner to be the only trustees.

Setting the rules of your trust

Next you need to set the rules for how you want your assets to be handled during the time they are held in trust. For example, you probably want to continue using your family home, even though it is held in trust for, say, your spouse and/or children. Don't forget to include instructions concerning distribution of assets to beneficiaries. Most people elect to have assets disbursed at the time of death, but you could also dole out items held in trust on specific dates (an 18th or 30th birthday, for example) or for specific reasons (to pay for college tuition, say). You should also make provisions for situations in which you are unable to make decisions on your own behalf.

Setting up a family trust does not need to be complicated

Setting up a family trust could be just as easy as signing up online. But it could also be more complicated, depending on your assets and your intentions. As long as you understand what goes into creating and maintaining a family trust you should have no problem finding a suitable structure to meet your needs.

So why not learn more and register with TrustUs today.

After all, it's in your hands.