Missouri Revocable Trust Lawyer

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A Missouri Revocable Trust Agreement, also called a Living Trust or Inter Vivos Trust, (Inter Vivos is Latin meaning between the living) is the main estate planning document drafted by a St. Louis Living Trust Attorney in any quality estate plan. It provides the following substantial benefits when done correctly:

  1. Avoidance of Probate Court
  2. Estate taxes minimized or avoided
  3. Substantial control over the distribution of assets
  4. Avoidance of Court Conservatorship

The Uniform Trust Code that guides the drafting and administration of Trust documents can be found in Chapter 456 of the Missouri Revised Statutes

Avoidance of Probate Court

Even if you have a Will, if your assets have not been placed into an Irrevocable or Missouri Revocable Trust before your death, an Estate must be opened with the Probate Court to distribute your assets - this can be a very expensive, stressful and time consuming process for your family. If your assets have been transferred to a Revocable Trust, your assets should go directly to the individuals or charities that you have chosen, not through the Probate Court. In addition to cost savings and greater control, a Missouri Revocable Trust also maintains privacy because what assets are distributed, the value of those assets and who received the assets is kept private - unlike in the Probate Court where all information is made public record.

Estate taxes minimized or avoided

The estate tax currently carries the highest tax rate in our tax code, and is a fixed amount that does not vary based on your income. Although not everyone's estate will be subject to estate tax, individuals often underestimate the total value of their estate, especially individuals that carry life insurance policies. Tax planning is a key advantage to utilizing a Missouri Revocable Trust in your estate plan. The Missouri Revocable Trust allows you to allocate your assets in a manner that takes maximum advantage of the estate tax exemptions. In addition to the main Revocable Trust in your estate plan, an Irrevocable Life Insurance Trust, often referred to as "ILIT," can be utilized to separate your life insurance policies from the total value of your estate.

Substantial control over the distribution of assets

A Trust properly drafted by a St. Louis Living Trust Attorney can provide a near unlimited amount of control over the distribution of your assets, limited only by Missouri law. Not only can you determine who receives your assets, but you can distribute your assets amongst those individuals in varying percentages and/or provide specific assets to specific individuals. You can also place requirements on, and limit,when, an individual is to receive a distribution, most commonly based on age or a drug, alcohol, gambling or other addiction. For example, a common provision when providing for younger children is to provide for their education, health and well being, and then distribute 1/3 of the assets at age 25, 1/3 at age 30 with the remainder being distributed at age 35. The percentages and ages can be changed according to your desires. This limits the possible immature spending practices or abuse of the wealth that you worked hard to earn and intend to be a lifelong benefit for the individuals.

Avoidance of Court Conservatorship

Should you become disabled or incapacitated, and you do not have a Missouri Revocable Trust, your family would need to go through the costly and emotionally painful process of having the Probate Court name someone as your conservator. First, in order to get a conservator appointed, your family would have to prove that you are incompetent to handle your own affairs. If you are found to be incompetent, your conservator is then closely supervised by the Probate Court and may have to get all transactions to spend money approved by the Probate Court. With your assets in a Revocable Trust, the Trustee would manage your affairs upon disability or incapacitation.

Trustee An individual or entity called the trustee is responsible for distributing the assets according to the terms of your Revocable Trust. The trustee during your lifetime is generally you. This provides you with complete control over your assets. Upon incapacitation or death, you choose additional individuals or entities to serve as successor trustees. You can make a long list of trustees and assign co-trustees to work together at the same time. When considering who to name as your successor trustee, consider that the trustee may receive pressure from the individuals who are entitled to the distribution of your assets. For this reason, many people choose a Trust Company (generally part of your local bank), St. Louis Trust Lawyer, non-family business partner or friend over a family member.

The St. Louis Estate Planning law firm of TdD Attorneys at Law can explain all of your options and help you put into place a Revocable Living Trust that best suits your desires and family structure.

St. Louis Living Trust Attorney - St. Charles

From offices in St. Louis, Missouri, TdD Attorneys at Law LLC, represents clients in communities throughout the metro area including St. Charles, St. Peters and Chesterfield. Contact attorney Ted Disabato at 314-527-3224 to schedule an initial consultation with an experienced St. Charles and St. Louis living trust attorney today. Our firm offers reasonable fees and payment arrangements to all clients.

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IRS CIRCULAR 230 DISCLOSURE: Federal law requires us to advise you that any federal tax advice contained in this communication is not intended and cannot not be used for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matters addressed herein.