TD Financial Management
How to Set Up a Trust
Protect Your Wealth. Build a Legacy.
Presented by Tabitha Denise
What Is a Trust?
A legal entity that holds assets for the benefit of specific people.
- Types: Revocable • Irrevocable
- Purpose: Control • Protect • Distribute wealth
Trust vs Will
Trust
- Effective immediately
- Avoids probate
- Private
- Higher upfront cost
Will
- Effective after death
- Goes through probate
- Public record
- Lower upfront cost
Why Set Up a Trust?
- Avoid probate
- Protect assets from creditors
- Minimize estate taxes
- Care for minors or dependents
Key Parties in a Trust
- Grantor/Settlor: Creates the trust
- Trustee: Manages the trust
- Beneficiaries: Receive benefits
- Successor Trustee: Backup manager
Steps to Set Up a Trust
- Decide the trust's purpose
- Choose the type
- Select a trustee
- Identify beneficiaries
- Draft the document
- Fund the trust
- Sign & notarize
- Store safely & review
What Can You Put in a Trust?
- Real estate
- Investment & bank accounts
- Business interests
- Life insurance
- Personal property
Mistakes to Avoid
- Not funding the trust
- Choosing the wrong trustee
- Failing to update the trust
- Not consulting a lawyer