St. Louis Trusts Attorney
Trusts are powerful estate planning tools that can help protect you and make adequate provisions for your loved ones in case of sudden incapacitation or death. Essentially, drafting a living trust allows you to preserve your assets, property, and investments, help your estate bypass time-consuming and expensive probate proceedings, and keep these matters private when you’re no more.
Why Choose the TdD Attorneys at Law LLC
If you need detailed guidance drafting a trust or want to understand how estate planning works, you should speak with a knowledgeable Missouri estate planning attorney. At TdD Attorneys at Law LLC, we’re dedicated to offering experienced legal counsel and trusted advocacy to clients in estate planning-related matters, including wills and living trusts.
In addition, our estate planning attorneys in St. Louis are available to discuss your unique situation and enlighten you about the benefits of having a trust as part of your estate plan. Also, we can help create and fund the trust, ensure that it is legal and valid, and help choose a successor trustee that you can count on. TdD Attorneys at Law proudly serves clients across St. Louis and Chesterfield, Missouri.
What Is a Trust?
A trust can be described as a fiduciary arrangement or relationship in which a person (the grantor, settlor, or trustor) gives someone else (a trustee or successor trustee) the legal authority and right to hold assets upon the trustor’s sudden incapacitation or death for the benefit of the beneficiaries.
Furthermore, all property, money, and assets placed in the trust are known as trust property. The trustee or successor trustee will manage and transfer the trust assets to beneficiaries according to the terms and instructions of the trust documents.
Types of Trusts in Missouri
The most common types of trusts in Missouri include revocable and irrevocable trusts.
Revocable Trust
A revocable trust is a trust which permits the trustor to change their mind and redistribute the trust property. Generally, a revocable trust can be amended, revoked, or terminated by the trustor at any time while they’re still alive. Also, the grantor maintains control over the trust property until their death or sudden incapacitation.
Irrevocable Trust
Conversely, an irrevocable trust can be described as a trust that cannot be modified, amended, or revoked by the trustor. Upon funding the irrevocable trust, the grantor will relinquish control over it. Once you put assets into the trust, they’re no longer yours. As a result, assets put into an irrevocable trust will be exempted from estate taxes.
Other Types of Trusts
Some other types of trusts that are recognized in the state of Missouri include:
- Supplemental needs trusts
- Protection trusts
- Charitable trusts
- Testamentary trusts
- Pet trusts
A trusted Missouri trusts attorney can help you understand the benefits and limitations of each type of trust and guide you through the process of creating one.
Process of Creating a Trust
If you want to create a living trust in Missouri, you should follow the steps below:
- Decide whether to create an individual trust or shared trust.
- Identify the assets and property you want to place in the trust.
- Name a trustee or successor trustee.
- Decide the beneficiaries who would receive the trust property.
- Draft the trust document with the assistance of a knowledgeable attorney.
- Sign the trust document in front of a notary public.
- Change the title of the trust assets.
- Fund the trust.
However, when creating a trust, it is important that you follow all of the state’s procedural requirements to ensure that it is legal and valid. A seasoned attorney can educate you about the benefits of creating a trust and walk you through the legal procedures involved.
Why Having a Trust is Important
According to the 2023 Wills and Estate Planning Study by Caring.com, about 34% of American adults have a will or estate plan. Having a living trust can help you achieve the following:
- Protect your estate in the event of mental incapacity or critical illness
- Bypass costly and lengthy court-supervised probate proceedings
- Name a trustee or successor trustee to help manage the trust property
- Determine who would receive certain assets
- Allow you to keep assets until a future date
- Protect your assets and money from frivolous lawsuits and unknown creditors
- Help avoid or reduce estate and inheritance taxes
- Help keep your affairs private or make sure it doesn’t become a public record like a will
An experienced estate planning attorney can help create your trust documents and help you make intelligent decisions when choosing a trustee.
How To Choose The Right Trustee For You
Choosing a trustee to hold your trust property is a vital decision that requires careful consideration. Here are some insightful tips for selecting a reliable trustee:
- Choose a trustworthy and dependable person.
- Choose someone who knows the basic concepts of investing.
- Choose someone who is financially smart.
- Choose an accountable person who can keep detailed and accurate records.
- Choose a person who can make intelligent decisions even during tense situations.
A practiced attorney can guide you through the process and make sure you choose a trustee that will serve you and your loved one’s best interests.
Contact a St. Louis Trusts Attorney Today
Establishing a trust in Missouri usually involves a lot of complicated processes. Understanding your options, setting up and funding the trust, choosing a trustee, and making sure it is valid can make the whole process very stressful. Therefore, consulting with a trusted estate planning attorney is paramount for proper guidance when creating a living trust.
At TdD Attorneys at Law, we are poised and ready to advise and guide clients through the complexities involved in estate planning and drafting trusts. As your legal counsel, we can enlighten you about the benefits and determine whether a trust is right for your unique situation. Also, our reliable team will help create your trust document and make sure it is legal, valid, and meets all procedural requirements.