The following is my answer to a Quora question: “Do you need an estate planner to set up a trust?”
Setting up a trust is no small thing. You definitely need an estate planner to set
it up for you, and draft the letter of wishes.
You need to consider whether you want a revocable or non-revocable trust,
or whether there are specific needs, which may necessitate a blind trust, or a special
needs trust. You need to consider who
you want as trustees, whether natural persons or even a law firm or bank. There may be a requirement for a custodian
bank. There may be a requirement for an investment
committee. There are issues of
compliance, insurance, and taxation to consider. Unless you are in the industry, you are
unlikely to have that knowledge.
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