Starting a trust...

[FlowerGirl1949]

Living in State of WA, young married couple in late 20s, no kids yet, both sets of parents are alive, and I am about to receive a large sum of money with dividends on a yearly basis.

Situation: I want to start a trust fund to protect our assets but I'm not sure who to designate as executor and trustee/s. Thoughts? Husband executor, wife trustee, or husband and wife trustees, bank or attorney be the executor?

Thanks for your help. It is much appreciated in this daunting task.

 

[FlyingRon]

Trusts do not have executors. Estates have executors. Trusts have trustees.
What do you think a trust is going to do for you "to protect your assets?"

 

[FlowerGirl1949]

I'm sorry, what do you mean? It won't protect my assets? Couldn't I include my house in my trust with all of my other assets? Thanks for your help, I'm still learning all of this. It's greatly appreciated -

 

[curb1]

Firstly, you need to know what you want the trust to accomplish. From your brief description I see no need for a trust. What do you have, a house and a couple of bank accounts? Or what? This does not seem complicated so far, so don't make it complicated.

What type of ownership are the house and accounts? If either you or your husband would die, where do you want the assets to go?

Ask more questions and give more information. We can give you opinions.

 

[TrustUser]

as my name suggests, i almost always think it is prudent to keep one's assets in trust. not necessarily the same trust.

as ron asked, what do you expect to be protected ?

there is little that can be done to protect your assets from your creditors while you are alive.

assets in trust though, will be "protected" from the lawyers and their probate system.

and when you die, these assets can be protected from the creditors of your beneficiaries to a fairly large degree.

there is some good basic information about trusts on the internet - you might want to start doing some research so you have a better understanding of what you are getting into.

 

[FlowerGirl1949]

I want a revocable trust to protect my family and have certain conditions that must be met in order to take money out, such as education for grandchildren, etc for after I die. I was going to have my wife as a co-trustee on it. Is it easier to just get a Joint Trust?

 

[TrustUser]

dont know what you mean by a joint trust ?

are you referring to both you and your wife as trustors ?

it sounds like right now you want to have control/safety for this sum plus interest ?

what might be a good plan is for you to make a revocable trust like you are thinking. you would be the trustor, you would be the trustee, your wife would be the successor trustee.

and then your beneficiaries would be your wife and kids, or however you choose.

 

[FlowerGirl1949]

thank you for your help, this was along my train of thought. Thanks -

 

[LdiJ]

thank you for your help, this was along my train of thought. Thanks -

That is fine, but its not necessarily something that you have to do now. You could keep the money in a separate account (to keep it separate property) and simply have a will that instructs that a trust be set up to hold the money after you pass away.