Starting a trust generally involves the following steps:
Determine the purpose of the trust: A trust is usually created to accomplish specific goals, such as preserving assets for future generations, managing assets for a beneficiary, or avoiding probate.
Choose a trustee: A trustee is the person or entity responsible for managing the assets in the trust. This person must be trustworthy and capable of carrying out the duties of the trust.
Decide on the type of trust: There are many different types of trusts, including revocable trusts, irrevocable trusts, living trusts, and special needs trusts, each with its own specific rules and requirements.
Draft the trust document: The trust document outlines the terms and conditions of the trust, including how it will be funded, how assets will be managed, and who will receive the benefits of the trust.
Fund the trust: To become operational, a trust must be funded with assets, such as cash, securities, real estate, or personal property.
Register the trust: Depending on the jurisdiction where the trust is established, registration of the trust may be required to ensure that it is recognized as a legal entity.
It is important to seek the assistance of a qualified attorney when starting a trust, as the specific requirements and procedures for establishing a trust can vary by jurisdiction and can be complex.