If you are considering running for office in Maryland and have several assets, you may want to create a blind trust. This trust helps assure constituents that you are making the decisions you feel are in the best interest of the people you represent and not in your best interests. It takes several steps to create a blind trust.
Naming a trustee
One of the first steps in creating a blind trust is to decide who you want to be the trustee. This person will manage the assets placed in the trust for you. They can decide about buying and selling assets, distributing funds from the trust and other details.
Decide on the assets to be put in the blind trust
One of the next steps is to decide what assets you will put in the trust. This could include money in financial institutions, real estate holdings and stocks. You can place almost anything of value in a blind trust.
Gather documentation
You must prove that you own any asset that you are putting in the trust. Therefore, you need to locate this proof on every asset that you are putting in the trust.
Create the trust agreement
You need to create a document showing the terms of the trust. While this can be one of the most complex steps because numerous small details need to be included, generally, you can create a revocable or irrevocable blind trust. In most cases, a notary public will need to notarize the agreement.
Transfer assets into the trust
You need to transfer titles from your name to the trust. This allows the trustee to act without your knowledge, which is the purpose of a blind trust.
Many public figures use blind trusts created through multiple steps so that a trustee can manage their assets without their knowledge.