1. Foundations:
Chapter 4: Reclaiming Your Status

Lesson 6: How to Form a Trust

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Choose the Type of Trust:

  • Revocable vs. Irrevocable

    • Revocable: More control, less protection

    • Irrevocable: Less control, more asset/legal protection

  • Grantor vs. Non-Grantor

    • Grantor: You fund the trust and may retain certain powers

    • Non-Grantor: Separate legal entity for greater protection

  • Discretionary / Spendthrift / Charitable Trusts

    • Tailor your trust to serve family, business, or spiritual purposes

Draft a Declaration of Trust:

  • Acts as the trust’s founding document (like a constitution)

  • Key components:

    • Name of the trust

    • Date of creation

    • Name of the Settlor/Grantor

    • Trustee(s) and Successor Trustees

    • Beneficiaries

    • Trust purpose, powers, and lifespan

Sign and Notarize:

  • Have the Declaration of Trust signed by Settlor and Trustee(s)

  • Get it notarized to affirm authenticity and enforceability

  • Optional: Record it privately or hold it securely in ministry records (not with the state)