WHO CREATES A TRUST?
Individuals can Start a Trust -
Normally, the person that owns the asset would be the creator.
However, a relative, a friend, or a company could easily be the creator.
Anyone can create a trust....
But, a person that desires privacy, or a person that has a pending problem would not be the best individual to be the creator.
Professionals can Start a Trust -
A professional creator (attorneys, accountants, banks, financial advisors, or trust companies) may be far more effective as a creator, but they usually want to sell you insurance too.
Each of the professional creators has various standard procedures and standardized documents to create a trust. Each creator may also have self-serving motives that are included. They usually have current forms, include better content and provisions, and include recent changes in the law. Many are universally compliant with the laws of other states and countries.
Mostly, the professional creator has their own purpose as their goal. The trust is only secondary and allows them to sell their products. For instance, banks, insurance agents, and stock brokers are offering a trust to sell their real products (bank accounts, investment accounts, insurance plans). Attorneys want to sell additional services, including dispute management, continuing amendments, legal matters, defending lawsuits, etc. Often, many trusts created by an attorney are so basic that they provide very little benefit, except to keep the client in a position of requiring additional legal services.
Trust Companies can Start a Trust -
Trust companies are usually more focused on the actual trust plans and a long term relationship as advisors. Usually they are more focused on creating a better trust with the ability to safeguard assets and members of the trust. They are more intent on avoiding attacks on trusts, beneficiaries, assets, or managers. Trusts can be used for many different things, living expenses, medical expenses or even to start a new business. A trust
can act as a small business loan for a new and upcoming entrepreneur.