Choose the trust type (revocable living trust, irrevocable trust, special needs trust, charitable trust)
Identify the purpose and goals (avoid probate, manage assets, provide for beneficiaries, tax planning, asset protection)
Select the trust jurisdiction (state/province and whether to use local counsel)
Appoint the trustee (individual, corporate, or co-trustees) and define successor trustees
Name the beneficiaries and specify distributions (income/principal, ages, milestones, contingencies)
Decide how assets will be titled (in the trust’s name or via beneficiary designations/assignments as applicable)
Draft the trust document (settlor/grantor, trustee powers, distribution provisions, administrative terms)
Create supporting documents (trustee acceptance, pour-over will if using a revocable trust, beneficiary designations if required)
Transfer assets into the trust (bank/ brokerage accounts, real estate via deed, personal property via assignments, business interests via appropriate instruments)
Update ownership and records (account registrations, deeds, titles, beneficiary forms where applicable)
Obtain an EIN for the trust if required (especially for irrevocable trusts or if the trust has taxable income)
Set up trust administration (bookkeeping, recordkeeping, accounting method, tax filings schedule)
Review and coordinate with existing estate documents (wills, powers of attorney, healthcare directives, beneficiary designations)
Sign and execute the trust document correctly (notarization and witnesses as required by jurisdiction)
Fund the trust before death (for living trusts) and confirm funding is complete for intended assets
Store the trust documents securely and share access instructions with the trustee
Provide the trustee with initial instructions and documents (asset list, account access, contact information)
Review trust terms periodically (beneficiary changes, life events, asset changes, law changes)
Update the trust when necessary (amendments, restatements, or new documents depending on revocability)
Confirm tax and reporting compliance (income tax returns for the trust, state filings, K-1s if applicable)
Keep beneficiaries informed as required by trust terms and law