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.
Most estate planning lawyers will try to push you into creating a trust, but the truth is that the use of beneficiary designations and/or wills can sometimes get the job done just as well as a trust would. Additionally, trusts are usually more expensive than Wills and beneficiary designations, making trust formation a big purchase most individuals and therefore, should not be undertaken lightly. That said, there are several circumstances in which creating a trust for your Missouri estate would be the most beneficial thing to do. Forbes weighs the pros and cons of creating a trust so you can make a more informed decision.