Protecting Assets With Trusts
Have you considered establishing trusts as part of your estate planning and asset protection plans? As an estate planning lawyer with more than 30 years of experience, I can help you understand the different types of trust and how they can help you achieve your financial goals. I provide experienced legal guidance to clients in Chesterfield and throughout surrounding Missouri communities.
The Many Benefits Of Trusts
A trust can help you achieve a number of legal and financial objectives. Depending on the type of trust, it may allow you to:
- Avoid probate
- Avoid the delay caused by probate and save your family money that would have otherwise been spent on attorney’s fees and court costs
- Name a trustee to manage assets in the event of incompetence
- Accomplish estate tax planning to avoid estate tax without probate
- Ensure that assets remain under someone’s control for the benefit of your child or other beneficiary for specified period of time after your death
- Protect assets in a second marriage without probate
- Decrease the likelihood that the court will appoint a conservator in case of incompetence
Trusts are almost always far less expensive to administer than a will because the assets in the living trust avoid probate. A trust typically distributes the assets to family members or other beneficiaries much more quickly than would be the case in a probated estate.
Types Of Trusts
In Missouri, there are many different types of trusts that serve different purposes. Two of the most common trusts include:
- Revocable living trusts: A revocable trust is created and can be amended during the life of the grantor. Revocable trusts are a valuable tool for avoiding probate.
- Irrevocable trusts: These are trusts that cannot be terminated once they are created. Once the grantor transfers assets into the trust, he or she effectively no longer has ownership rights over the assets. Among the benefits of irrevocable trusts are relief of certain tax liabilities.
I will work with you personally to help you understand the different types of trusts and how they can support your overall estate planning goals.