How to Set Up a Trust Fund in 2023 [Step-by-Step]

How to set up a trust fund in 2023. It’s something that is easy and frankly something that I think everyone should be doing. Today, I’m going to give you what I think you need to know on how to establish a trust fund (step-by-step).

You can give your property to your children, you can donate it to a nonprofit, you can give it to a close friend or mentor that impacted your life, a cousin/nephew… whoever you want. You get to decide. And you should.

Chapters:

Intro (0:00)
Why Should You Start a Trust Fund? (0:45)
What is a Trust Fund? (2:06)
What Terms Do You Need in Your Trust Fund? (4:39)
How to Create Your Trust Fund (7:50)
Appoint a Trustee (8:53)
How to Execute a Trust Fund (9:32)
Trust Fund vs a Will (10:20)

To properly execute the trust you must sign it in front of a public notary. The notary should also stamp or sign off on your trust as well.

Now while you are it, you should also sign the trust in front of a witness and this person cannot be a beneficiary in case that a legal argument arises. After the trust is executed then bang! You have officially established a trust fund.

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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

[jathonwilliams]

I would like to see a diagram that shows The steps of how Trust relates to a Holding company and how the holding company relates to LLC's that control the Assets.

[chiefso]

I’m 23 years old and I came across this video, I appreciate this content. It was very informative.

[woahtherr]

Definitely making my kids watch 300 lyfe accounting videos before they inherit my $47 trust fund

[jazzjones]

Thank you for sharing this info! I would very much appreciate a video outlining the differences between a Will and a Living Trust. Thanks again!

[knicw]

More please.!...trust funds vs will, revocable vs irrevocable, foreign vs local

[ralanawhitfield]

Make a video about wills verse trust funds

[kymlamay]

Thanks so much for very informative information about the Trust Fund. Yes, we’d like to educate more about between the Will vs The Trust fund. Thank you. 👍

[Empowerd]

Yes please make a video of differentiating wills from trusts. Also is a trust an account? How do you create a living trust? Can you use a trust to buy items or property through your trust? Would it effect your taxes?

[BenjaminTVogt]

Agree with the comments on a video comparing Trust Funds and Wills. Great content as always!

[SpartanOfFinance]

Great Video. We had a will for years and recently created a Trust since we have Rental Property Out of State so we wish to avoid Probate.

[karenfashaw]

YOU ARE SO VERY EDUCATIONAL AND KNOWLEDGEABLE

[dbdouglas]

I totally need to explore/learn about trusts' & wills. Definitely need the piece of mind knowing what'll happen with my things after I pass away! Love LYFE Accounting on YouTube!

[cardrive]

Thank you for making this video with such a wealth of information🙏

[laquelljentertainment]

That was an amazing and informative video my brother!

[justrollintruckin]

Thanks for explaining what is a trash can you make a video showing step-by-step on how to set up a trust where to go who to contact etc. etc.

[positivelycincere]

Thank you so much for the info! Btw, I like the way you emphasized the words “TRUST FUND” every time you said it lol

[pointblank]

I e watched several videos on this and you are the first to give understanding of how this works. Please send me the video about will and trusts.

[samuelmngomezulu]

Please do, you the best. Actually all of you guys are outstanding 🥰

[moeshelton]

Great video! I would love to see one on trust vs will.

[jmconsultingfirm]

all this sounds great, but before doing all of this you mention revocable many times, so what is the difference between revocable and irrevocable? non of this makes sense until we know the answer to this question?