How To Create A Trust For Your Child

Trusts are often complex legal documents that require specialized knowledge to properly draft. You should work with an experienced attorney when creating a trust for your child. At Weiner Law, we will counsel you through the planning process. You will have the opportunity to tell us your objectives, and we will advise you on the best type of trust to achieve those objectives. You can generally create a trust fund in five easy steps: 1.Name Your Beneficiaries & The Trust Objectives You have the freedom to decide how you would like your trust assets to be used in the future. You also will name those people or institutions you would like to benefit from your trust. These are your beneficiaries. You can divide your assets equally among beneficiaries, or in certain amounts as you wish. 2.Name Your Trustee Typically, trust creators serve as Trustee themselves while they are still alive. However, after the trust creator(s) have passed, another person or institution must be available to manage the trust. These people and/or institutions are referred to as “successor Trustees” because they succeed the trust creator in the role of Trustee. Choosing a trustee is a very important consideration to make when creating a trust for your children. As the name implies, a trustee should be someone you trust, and they must meet legal requirements for acting as a trustee. A Trustee should also be someone capable of managing the assets you leave behind, which varies from estate to estate. 3.Define The Terms Of The Trust Once you select a Trustee, you need to decide when and how your children will access the trust assets. Remember that you can outline the specific terms of your trust as you wish. For example, you can specify certain age milestones your children will receive portions of your assets, or you can choose to give your children full access to the assets upon a certain age. There are many creative ways to ensure your wishes are met. 4.Determine How You Will Fund the Trust You will also determine which assets you will put into the trust. This is a crucial step because a trust is not effective unless it is funded (i.e., made the owner) with certain property. Assets may include real estate, money, and investment accounts. We at Weiner Law will do everything we can to ensure you do not forget this important step, including follow-up evaluation to discuss the progress of trust funding. 5.Execute The Trust Once you have everything in order, as outlined in the steps above, you will need to review, approve, and execute your trust. You will sign and date the documents, which generally will make them legally effective. We will also arrange for your documents to be notarized as required by California law. Weiner Law 12707 High Bluff Drive Ste. 125 San Diego, CA 92130 (858) 333-8844 https://weinerlegacylaw.com/