Setting up a trust requires careful planning and the assistance of a legal professional. The steps typically include:
Determine the type of trust you need (e.g., revocable, irrevocable, living, testamentary). Choose your trustee. Identify the assets you want to place in the trust. Draft the trust document with the help of an attorney. Transfer ownership of the assets to the trust. Inform your beneficiaries and trustee about the trust's existence and terms.
