Even if people think a certain action is a good idea, they may have a hard time doing it. For some North Carolina residents, it may be a matter of procrastination, but for others, it may be about a lack of information on how to start a certain venture. For example, you may want to include a trust as part of your estate plan, but you may not feel confident in your ability to do so.
Fortunately, you can start small by gathering certain information and making decisions that could affect the creation of your trust. The right information could help streamline the trust creation process when you get ready to set up a legally binding fund.
What information do you need to know?
The gathering of information does not have to seem stressful. It does involve assessing certain areas of your life, but it does mean that you have to immediately go through every aspect of your life with a fine-tooth comb. Some details you may want to consider include the following:
- The person acting as the grantor of the trust, likely you if you are creating it
- Who you want to name as beneficiaries to the trust
- The assets you want to include in the trust
- Who you want to act as the trustee or successor trustee
- How you want the trustee to manage or distribute the assets
- Whether you want to create a revocable or irrevocable trust
- When the trust will stop operating
Some of these decisions can certainly be personal. After all, you may want a loved one to receive a specific asset for a certain reason, or you may want a particular person in charge because you have the utmost faith in that person. Still, before you make any final decisions, you may want to discuss your ideas with those they could affect.
How can you find more information?
Before making final decisions, it is also important to have the right information about how trusts work and the types of trusts available. Luckily, you can work with an experienced estate planning attorney who can go over your wishes and help you determine the right type of trust for your circumstances. Having this legal support could better ensure that your wishes remain legally binding and that the assets are protected as you see fit.