To set up a living trust, you’ll need to:
1. Choose a trustee. This is the person who will manage the trust on your behalf.
2. Draft and sign a trust agreement. This document will outline the terms of the trust, including how assets will be distributed after your death.
3. Transfer ownership of your assets to the trust. This can be done by deed or retitling accounts in the trust’s name.
4. Fund the trust. You’ll need to transfer ownership of any assets you want to be held in the trust, such as bank accounts, investment accounts, and real estate.