How do I create a trust for a minor?

Creating a trust for a minor in Washington requires careful planning. The settlor (person creating the trust) must choose a trustee to manage the trust. The trustee should be an adult who is responsible and financially sound. The trustee will be responsible for investing the assets and managing the income and expenses of the trust. The trust must also have a beneficiary, who is the minor for whom the trust is being created. Once the settlor, trustee, and beneficiary of the trust are identified, the trust must be funded. The settlor will need to provide the assets that will be included in the trust, such as cash, investments, real estate, and other property. The documents to create the trust should then be drafted, signed, and filed with the Washington Secretary of State. Washington law also requires the trust to have a separate tax identification number. When creating a trust for a minor, the settlor should consider what the trustee should be allowed to do with the assets in the trust. The settlor can create a trust that will be used only to benefit the minor or can make the trust revocable, so that the settlor can withdraw assets for other purposes. Additionally, the settlor should consider the appropriate age at which the minor can access the trust and how to protect the trust from creditors. Creating a trust for a minor is an important decision and should be done with the advice of an experienced elder law attorney. An elder law attorney can help guide the settlor through the process of creating a trust and can help ensure that the trust is set up legally and properly.

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How do I create a trust for a minor?

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