Have a child or other loved one you want to take care of after you’re gone? A trust might be the perfect solution.
But, like many other estate planning processes, establishing a legal trust can be complicated and quickly confuse everyone involved. How do you set up a trust fund? How do you know where to get started? Do you even need an attorney for this process?
Don’t panic — know that Kansas City attorney Kevin Kenney and his legal team are here to help. When you contact them at 913-671-8008, they will answer all of your questions. And, when you’re ready, they’ll guide you through how to set up a trust in Kansas City that meets all of your needs.
So, what are you waiting for? Schedule an initial consultation to get started. In the meantime, you can learn a bit more about setting up a trust account in Kansas or Missouri below, but remember: This information is not intended to be and should not be taken as legal advice.
How to Set Up a Trust in Kansas City
Setting up a trust for beneficiaries can seem like a complicated process. But, armed with the proper knowledge and solid legal counsel, you can easily create a legal trust in Kansas or Missouri that meets all of your needs and preferences.
If you’re wondering how to set up a trust account as part of your estate planning, there are a few steps you will likely need to follow:
Step 1: Contact an Estate Attorney.
The best path for setting up a financial trust is with the assistance of an experienced estate attorney. Estate planning is an important process, but it can be complicated. An attorney can give you the guidance you need in legally and effectively establishing a legal trust, whatever your personal situation may be.
Before you get any further in the process of setting up a trust for a minor child or other beneficiary, make sure you have a legal expert by your side — just in case.
Step 2: Determine What Kind of Trust You Need.
Once you have retained legal guidance to set up a legal trust, you and your attorney will work together to find the best solution for your needs. There are many different kinds of trust agreements, and each serves a different purpose in the estate planning process. However, if you start researching how to set up a trust account without understanding which one is right for you, you can quickly waste a great deal of time and energy.
After you have retained an estates attorney, your attorney will sit down and discuss your estate planning goals with you. Based on your preferences and your personal situation, they will likely recommend one of the following:
- Living trust
- Testamentary trust
- Revocable trust
- Irrevocable trust
- Trust agreement
Exactly which kind of trust you need will determine how to set up a trust that you and your beneficiaries will be happy with.
Step 3: Create the Trust Agreement.
If you’ve determined which kind of trust is best for your needs, the next step is creating the actual legal trust agreement. This is where your attorney can be incredibly helpful.
Every state has different laws and regulations when it comes to wills and estates, and trusts are not exempt from that. Your attorney will use their knowledge of your state laws to draft a legal agreement that adheres to appropriate laws and procedures. This way, your trust will be legal and valid in the years and decades to come.
Typically, setting up a trust agreement includes:
- Designating the grantor, trustee and beneficiaries
- Detailing how the trust income and assets are distributed, including any requirements for:
- Conditions (such as requiring a beneficiary to be employed full-time, etc.)
At this point, you may also be required to request a taxpayer identification number (TIN) from the IRS. Your attorney will tell you whether this (or any other steps) is necessary in legally setting up a trust for a family member or other beneficiary.
Step 4: Fund the Trust.
Once you have decided what to include in your trust, it will be time to move those assets.
Often, the “movement” of assets to the trust simply means handing over documents and information to the trustee. For example, real estate deeds, automobile titles and stocks and bonds can all be transferred to a trust simply with written documents. Other trust assets can be moved by writing a description of the property on a legal document, making note that it is to be transferred to the trust.
An attorney like Kevin Kenney will help you ensure the proper funding steps are followed when you’re setting up a trust for a child or other beneficiary, regardless of what kind of legal trust it may be. They should also be available to you in the future if any life updates (such as births, deaths or marriages) require changes in your original trust agreement.
Start Setting Up a Trust in Missouri or Kansas with Attorney Kevin Kenney
When you’re ready to start setting up a trust as part of your estate planning journey, attorney Kevin Kenney and his legal team will always be ready to help. He will happily answer any of your questions and serve as your legal guidance through the process of establishing a legal trust in either Kansas or Missouri. As a Kansas City estates attorney, he’s well experienced in both states’ laws, and he can assist you, whatever side of the state line you happen to live on.
When you contact attorney Kevin Kenney, he can help you through every step of your estate planning process. This includes not only setting up a trust, but also creating:
For more information on how to set up a trust in a will and estate planning journey, please call Kevin and his team at 913-671-8008 or schedule an initial consult online.