To set up a trust fund, individuals should contact a financial adviser at a bank or investment firm, determine the guidelines and specifications of the trust, and deposit assets into the account. A trustee removal clause can be filed as a provision of the trust fund.Continue Reading
Contact a financial representative from an investment firm or bank to begin the process of setting up a trust fund. The financial representative asks questions about the grantor's wishes and helps individuals determine the best type of trust fund to fit the situation.
Determine how the trust fund operates after evaluating personal assets. The grantor of the assets can specify how assets are divided, disbursed and modified. For example, an annual cost of living adjustment for the recipient of the trust may be established or a specified amount of money may be designated for individuals each month or an annual basis.
Finalize the trust fund process by depositing or transferring assets into the account. Failure to transfer or deposit funds often makes the trust fund null and void. At this time, the grantor can also include a trustee removal clause that allows the beneficiary to fire the trustee if services are not provided adequately.