You will primarily need a signed trust agreement, which outlines the terms of the trust, including the trustee and beneficiaries, along with personal identification for the trustee(s).
Yes, it is highly recommended to consult an estate planning attorney to create a legally sound trust document that aligns with your specific needs and state laws.
Common trust types include revocable living trusts (where you can modify the trust during your lifetime) and irrevocable trusts (where you cannot change the terms after establishing the trust).
A trustee can be an individual (such as a family member) or a professional institution such as a credit union or bank.
Once the trust is established, you transfer the designated assets (cash, investments, real estate, etc.) into the trust account.
The trustee is responsible for managing the trust assets according to the terms of the trust agreement, making distributions to beneficiaries, and keeping accurate records.
Whether you can modify a trust depends on the type of trust. Revocable trusts can usually be amended while irrevocable trusts may require court approval for changes.
Depending on the structure of the trust, there may be tax implications for the grantor, trustee and beneficiaries, so it's important to consult a tax professional.
After your death, the trustee will distribute the trust assets to the beneficiaries according to the terms outlined in the trust agreement.