Ted has determined that he wants to give millions of dollars away after he dies. He doesn't trust anyone so he decides to develop a trust. He already knows who he is giving his money too, what else must he determine?

Question

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Once it is determined who will receive a trust a trustee must be selected. This is to build a fiduciary relationship in which the trustee is holder of thee title to property, subject to an equitable obligation to keep or use the property for the benefit of the beneficiary. The trust instrument is a written agreement between the person creating and funding the trust and the trustee that sets forth for whose benefit the trust is created, how the trust estate is to be managed, the duration of the trust, and the distribution of the corpus when the trust terminates. A trust passes property outside of probate.

Ted Has Determined That He Wants to Give Millions of Dollars