How to set up a trust
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SPEAKER: A trust gives you peace of mind that your wealth is managed the way you want it to be. It can fund goals for future generations, like going to college or investing in property. You can even set up a trust for a charity you support to keep your legacy going long after you're gone. 
There are five basic steps to setting up a trust. First, think about what to include in your trust. You can choose anything from property and cash to stocks and bonds. Second, decide who you want to inherit your assets. Your beneficiaries could be your children, grandchildren, or close family members, but you could also choose a charity or organization you care about. 
Third, think about how and when you want your assets to be distributed. You might want to set age requirements or rules for how your beneficiaries can use the assets. Fourth, it's time to find someone to manage the trust for you. This is the trustee. The trustee could be someone you know, or it could be a third party like a financial institution, otherwise known as a corporate trustee. If you choose this option, you'll be assigned a trust administrator. They can help you answer any questions you have about what to include in your trust. 
Finally, you'll work with an attorney to draft the actual trust document. They'll make sure you include the specific roles you decide on in your trust, and that's it. In just a few steps, you can ensure your wealth is managed the way you want it to be for years to come. 
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