Once you have carefully considered your circumstances and what your wishes are for yourself or your family now is the time to put your plan in place. You will want to make sure your wishes are thoroughly followed through both now and in the event of your death.

State Laws Differ

The first step is to check with your lawyer and find out if there are any rules for the type of trust fund you want to set up that are peculiar to your state. Rules, regulations and fees can vary from state to state. In order to be thoroughly prepared you need to find these things out upfront.

Document Everything

The next step is to document everything you want your trust to include. Be specific. If dealing with young children, for example, and the trust fund is to protect them if you should die, you will likely want explicit directions regarding their care. Who your children will live with, how the money is handled and when they will have access to it are just a few of the questions you will need to answer. Keep in mind an irrevocable trust cannot be changed, so make sure you and your lawyer sit down and decide what you want.

Beneficiaries and Trustees

Now is when you make clear who the beneficiaries are going to be. Often it is the children who are heirs, but that is not always the case. It could be siblings, grandchildren or even a business or organization.

If you name yourself or a single person as a trustee make sure you have in writing who will take their place if they should die.

Taxes & Fees

Some things that you transfer to your estate, such as land or property, may have taxes or fees attached to their transfer. You also may need to file paper work with the state outlining what your trust fund details. This is one of those things that can be different in each state. Check with your lawyer and make sure everything is in order legally before finalizing the paper work.

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