Trusts

Establishing a Trust

In establishing a trust, the grantor designates a trustee to administer the trust. The trust outlines the trustee's duties and responsibilities and how the property should be held, invested, and distributed. While an oral trust is enforceable, it is prudent to put a trust agreement in writing. Trusts involving real estate generally must be in writing.
After creating a trust, the grantor must then transfer title of the trust property to the trust. Examples of trust property are real estate, stocks, life insurance, and bank and retirement accounts. If the trust property is real estate, a new title in the trust's name must be recorded.