Trust is an essential ingredient in a healthy relationship, whether it’s between romantic partners or friends and family. But there’s more to trust than simply being able to rely on someone else to behave in accordance with your wishes. Trust also requires a deep inner connection, as well as motivation to endure the rough times that all relationships will face.

While many people think of trust as the exclusive preserve of the wealthy, this isn’t always true. In fact, a growing number of individuals and families of all economic backgrounds use trusts to help manage their wealth.

If you’re considering a trust, it’s important to talk to an attorney who has experience with this type of document. A good estate planning lawyer can review your goals and explain the benefits of trusts in a way that is appropriate for your situation. Your attorney may also work closely with your financial advisor and other professionals to make sure that the overall strategy is in line with your goals.

Step 1: Determine what assets you want to include in the trust. This may include cash, real estate, investments and more. Also, decide which beneficiaries you will name – this could be anyone from children to your spouse or a charity that you support. Identifying these people now will ensure that they receive your trust assets according to your wishes.

Next, you’ll need to choose a trustee. While you may have a friend or relative who is willing to serve, it’s often preferable to entrust the management of your trust to an independent professional. This unbiased trustee will bring the skills and expertise necessary to effectively manage the trust and provide the objectivity that can help protect family relationships. Choosing a professional trustee can also help you take advantage of tax benefits that can be derived from certain types of trusts, such as a grantor retained annuity trust (GRAT) or a special needs trust.

A trust is a valuable addition to any estate plan. It allows you to bypass the probate process, which can be costly and time-consuming. Using a trust can also help you maintain privacy, as the terms of your trust are kept private and out of public view.

The most significant step in establishing a trust is selecting the trustee(s). A good trustee will be responsible and reliable, have the proper knowledge and expertise, and be able to communicate with the beneficiaries of your trust. If you’re unsure who to select, it’s usually best to choose an unbiased third party like a bank or other corporate trustee.

Finally, you’ll need to understand how the distributions of trust income are made up of interest, dividends, rents, royalties and other income, as well as capital gains and losses. This information will help you plan accordingly for taxes, as the distributions of trust assets may be taxable to beneficiaries depending on how they are invested. It’s important to consult with your trustee and your tax and financial advisors if you have any questions.