Like many people in Missouri and elsewhere, the last thing you may want to do is to consider your own mortality. However, you do want to provide for the loved ones you will leave behind. We at Hamra Law Firm LLC understand the considerations that go into estate planning, and we’ve helped many people craft plans that include living revocable trusts to protect their assets and provide for their heirs.
According to FindLaw, trusts are a type of legal instrument used in estate planning to specify how your estate should be managed during your lifetime, as well as after your death. When a trust is created during your lifetime, as opposed to after your death, it is known as a living trust. Revocable living trusts allow you to modify or revoke them at any time.
Gererally, property distribution occurs much more quickly when a revocable trust is used in place of a will which must be probated. Revocable trusts also provide your beneficiaries and your estate some financial privacy because, unlike other documents disclosed during probate, they do not become public record. This type of estate planning tool may also reduce the estate taxes your heirs are required to pay, as well as regulate how your assets are used in the event of your incapacitation.
Keeping the purpose and benefits of living revocable trusts in mind when you create your estate plan may be key to establishing the right documents for your needs and legal objectives. More information on this topic is available on our web page.