Quora Answer: How Long Does It Take to Set Up a Blind Trust?

The following is my answer to a Quora question: “How long does it take to set up a blind trust?” 

The process of setting up a trust, revocable, irrevocable, blind or otherwise, is a relatively simple process.  If you know what you are doing, have a clear idea what you want in the letter of wishes, you have the details and agreement of the trustees, and beneficiaries, and have a lawyer on hand, it takes a few minutes.  A lot of time is spent working on the letter of wishes. 

Trusts take time to set up when the would be settlor is still deciding on who to be the trustee, is unclear of legal requirements, and has trouble getting the required information, such as the trustee details.  The set up itself is merely keying in details into the system and ratifying that letter of wishes. 

Now, the process of transferring assets to a trust on the other hand, especially a blind trust, which is an irrevocable trust, may take a few weeks, depending on the nature of the asset, and where it is.  Signing over cash and bank accounts is straightforward.  Transferring property requires changes to the deed, which involves the authorities.  Transferring ownership of assets based overseas, may require more time to verify a lot of documents across jurisdictions.  Done efficiently, this may take a two or three months.