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How to Set Up a Trust Fund?

Trust funds are an excellent way of providing a secure legacy to the next of kin and generations. When you set up a trust fund, you make a legal access way to transfer your wealth, properties, and assets to the person of your choice. It is basically a tool to outline an actionable plan on how finances will be distributed and managed after you pass. Keep on reading to learn how to set up a trust fund.

  • Define your goals for the trust.

It is imperative to understand why you are establishing a trust fund. With clarity of goals in mind, you will have a clear picture of what and how many assets you will be putting in the trust to provide financial security for your loved ones.

For example, you want to leave the house to your son and the gold jewelry to your daughter. You can also direct your fund to be used for specific reasons, like a college fund for your kids or a limited allowance from the fund.

  • Choose the type of trust you wish to establish.

There are different types of trusts that you can choose depending on your goals and requirements. Most trusts can be classified into one of two categories: revocable trusts and irrevocable trusts.

Revocable living trusts (RLTs) are the most common type of trust. They’re flexible and allow you (as the grantor) to make changes at any time, like adding or removing beneficiaries or changing the trust’s provisions.

Irrevocable trusts are more rigid. Once an irrevocable trust is created, it’s not simple to make changes, and the trust can’t easily be undone or canceled.

  • Select the terms of the trust.

Now that you have decided on the goals and the type of trust you want, it is time to establish the terms of the trust. Deciding the terms includes the following factors:

– Determining a trustee: A trustee will manage the trust and oversee the distribution of assets to your beneficiaries. Therefore, it’s essential to pick someone you trust who’s willing and able to serve.

– Deciding the distribution of assets: If your trust fund has multiple beneficiaries, dictate the terms of distribution so everyone receives a fair share according to your terms. You should clearly outline these distribution instructions in your trust documents.

– Setting conditions: Setting up provisions will ensure that the financial means reach the beneficiaries when you believe the time is right for them. For example, your son will have her share of trust when she finishes college. That is called setting conditions for distribution.

  • Legalize with the documents.

You’ll need to make your trust legally binding. This means completing your trust documents and executing them according to the laws in your state. In most states, this involves signing your trust document in the presence of two witnesses, who should also sign.

Make the trust legally binding with proper documentation, and get your trust notarized and registered with your county.

  • Fund your trust with assets.

Funding your trust with assets is an important step. Your trust can’t function as intended until you fill it with assets. Depending on the trust type, these assets may include real estate property, bank accounts, life insurance policies, non-cash assets (like stocks, bonds, and mutual funds), digital assets (including cryptocurrency), and any personal items that are valuable or important to you.

Transferring assets into a trust can take time and effort, but it’s necessary. You should start by contacting the institutions that manage your assets.


A trust fund provides more control, privacy, and specificity. It can help you minimize estate taxes and avoid probate, saving your beneficiaries time, money, and piles of paperwork. At Family Law Richard E. Young & Associates, we are ready to do the legwork and are committed to singularly working for you. Find more about our services here or call us at (949) 951-9529.

Trusts and Estate Planning

There are many misconceptions around what trusts are and who they are designed to benefit. A person doesn’t need to have heaps of money and properties in order to create a trust and begin estate planning. In fact, even though estate planning is for everyone, far too many people neglect to ever do so and ultimately leave their family to pick up the pieces after they’re gone. Continue to read along to learn more about how these processes work, who’s involved, and what the benefits are.

What Does It All Mean?

The concept of a trust is actually quite simple. Trusts are legally binding arrangements in which one party holds property on behalf of another. An estate refers to everything a person owns, including their vehicles, properties, life insurance, personal possessions and any other assets they may have. Therefore estate planning is the proactive process of distributing ones wealth before they pass away or become incapacitated.

Who Does It Involve?

These arrangements are most typically made within families in order to grant another person the authority to manage the estate described in the trust. The person creating the trust is called the settlor or trustor, and the recipient is referred to as the trustee. Lawyers are typically involved in this process as well as to ensure every detail is properly addressed and legally stands.

What Are the Advantages and Disadvantages?

There are far many more advantages to curating a trust and beginning the estate planning process than there are disadvantages. Mainly, it allows many of the legal processes to move more quickly. Additionally, a trust is effective immediately, can offer tax minimization perks, and allows for underage beneficiaries. The noteworthy disadvantages of trusts are the preparation costs and the amount of time it can take to retitle your assets.


Everyone needs a will and trust. Without one, your loved ones are at the mercy of the Government who will run up your estate charges with no concern over taxes. Contact us today to receive a free consultation on your trust and estate planning needs!

Why Should You Start a Trust?

While death isn’t fun to think about, it is still important to plan for those around you after you pass on. Starting a living trust is a great idea to protect your assets and property. A common debate is whether you should start a will or a trust. Today, we are going to discuss the benefits of starting a trust rather than a will.


Two Types of Trusts

First, there are two kinds of trusts. A revocable trust (also called a living trust) allows your assets to avoid probate after you pass, while allowing you control over these assets while you are alive. This trust offers flexibility, so you have the option to get rid of it at any time. It is not set in stone.

An irrevocable trust is more permanent and doesn’t allow you access to your assets while you are alive. It cannot be dissolved or altered until after you die. However, this makes your assets able to pass by probate and reduce the amount of estate taxes. Also, if your trust assets generate income, you are not subject to tax liability.Trust Fund


The Benefits of a Trust

Now that you know about the two types of trusts, let’s look at the benefits of having a trust. Trusts allow you to specify each and every term, so you can limit what distributions may be made and to whom. If you have a revocable trust, you still have access to your assets during your lifetime, so you have control in that aspect, too. Then, the remaining assets will be distributed accordingly after you pass on.

Trusts help your assets and estate avoid probate, meaning that it can be directly distributed after you pass without any taxes, fees or the hindrance from the court. Probate is public record, so a trust allows your assets to stay private. In addition, trusts protect your wealth and estate from creditors or beneficiaries who are not good at managing money or assets.

Revocable trusts allow you to name your family members or other trusted individuals to have authority over your assets if you somehow become unable to manage your estate – wills do not let you do this.


It is important to have either a trust or a will because without them, your property will be distributed according to the state laws that remain out of your control. However, a lot of people find that a trust works better for them and their specific situation. Your age, wealth, and marital status help determine whether or not you need a trust.

If you need help planning a trust, or if you are trying to figure out if a trust is right for you, contact us at Family Law Richard E. Young & Associates!