The administration of one’s estate is rarely an easy process. There are ways to make it easier, though, and using a living trust to avoid probate may help you and your loved ones avoid several common headaches.
Probate is the court-led review of a decedent’s will or wishes to determine how assets should be divided amongst heirs. In addition, probate typically involves an accounting of assets, payment of debts, and other matters. In general, it’s a good idea to avoid probate as much as possible because:
Dealing with the probate process may require you to face a loved one’s death for longer than you wish. In many cases, probate is completely unnecessary.
One of the most common ways that people pass assets to beneficiaries outside of probate is by placing assets in a living, or inter vivos, trust. A living trust is simply a trust you make during your lifetime. In Missouri, you can be the trustee of your trust, which means you can still control and enjoy your assets during your lifetime. When you pass away, the assets in your trust will be passed to your designated beneficiaries without having to go through probate.
Additionally, you can make changes to your trust during your lifetime. Some changes that the owner of a living trust can make include:
One advantage of living trusts is the ability to alter them. With irrevocable trusts, beneficiaries generally have to agree to any changes that the owner makes to this trust. This makes irrevocable trusts something of an inflexible option.
If you want to start or explore the merits of a living trust, you can contact a lawyer from our firm. Though a living trust can be a viable option for many, it is not always necessary or appropriate. An experienced, knowledgeable attorney can discuss your personal circumstances and help you decide if an irrevocable trust is right for you.
When you meet with our firm, we may discuss:
Bruntrager & Billings, P.C. can simplify a process that, in many cases, can be complicated. We hope to help you put a clear succession plan in place that protects you, your beneficiaries, and your assets from the hazards of probate. Our firm is ready to help you and your loved ones with a living trust. Call us today at 314-646-0066 or contact us online.
Being charged with a DWI in Missouri can be confusing and overwhelming, but it's important…
Getting bitten by a dog can be a traumatic experience, both physically and emotionally. In…
Facing charges of domestic violence in Missouri can be a complex and challenging situation. It…
White collar crimes can be complex and challenging to navigate. If you are facing white…
Facing sexual assault allegations can be an incredibly challenging and overwhelming experience. The complexity of…
Facing homicide charges in Missouri is a serious and complex legal matter that can have…