Creating a Revocable Trust in Missouri
Rolla lawyers develop flexible instruments to hold and distribute assets
Every person has unique estate planning goals, and if you are looking for a lawyer to create a revocable trust in Missouri, the firm of Williams, Robinson, Rigler & Buschjost, P.C. is here for you. From our office in Rolla, our skillful attorneys establish living trusts and other types of legal instruments so that clients can shift their assets efficiently and ease the burden on their family members.
Why create a revocable trust?
A revocable trust is a legal instrument that can be used to hold and distribute property, yet also can be changed or dissolved by its creator. Like irrevocable trusts, which cannot be revised or undone, revocable trusts are created by a trustee. Our firm’s trusts and estates lawyers can advise you ofthe various types of revocable trusts, including living trusts which allow you to use your assets for the rest of your life, then distribute them to the beneficiaries you choose upon your death. Under this arrangement, your beneficiaries would not have to wait for the probate court to complete its work before receiving what you left them.
Who should have a revocable trust?
Revocable trusts are not just for the wealthy. Anyone who is interested in helping their loved ones avoid the probate process might opt for a living trust as their primary estate planning instrument. If you think that your intended beneficiaries might struggle managing complex estate administration tasks or that they won’t want to wait for their inheritance, a trust could be the best option.
Pros and cons of a revocable trust in Missouri
Avoiding probate is a primary benefit of creating a revocable trust. Others enjoy their flexibility if they are looking to fund a charitable cause or support a special needs son or daughter. However, because they can be revoked at any time, they are likely not useful to those who are seeking a tax benefit or intend to maintain Medicaid eligibility to cover long-term care costs. An irrevocable trust would probably work better in those situations.
Information you need to set up a revocable trust
Revocable trusts can vary greatly in complexity, but the requirements to create one are fairly simple. Our firm can draft a document that includes the following required items:
- Description of property to be placed into the trust
- Names of beneficiaries
- Name of the trustee responsible for carrying out the instructions listed in the trust
- Notarized signature of the trust creator, also known as the grantor
You can count us to guide you through every aspect of creating a trust and if you are the trustee, we can assist with administration tasks as well.
Do you still need a will with a revocable trust?
While many people establish a revocable trust to distribute assets upon their death, it is still wise to create an enforceable will to address property that might not have been placed in the trust. Our attorneys can guide you through the process of drafting a will in Missouri, so you can be confident that the wealth you’ve accumulated over a lifetime will be allocated based on your wishes rather than the state’s intestacy law.
Contact a knowledgeable Missouri lawyer to discuss forming a revocable trust
Williams, Robinson, Rigler & Buschjost, P.C. in Rolla assists Missouri clients with the creation of revocable trusts and other estate planning matters. To schedule an appointment with an experienced attorney, please call 573-458-9481 or contact us online.