Protecting your assets
When it comes to establishing trusts, the Springfield Missouri lawyers at the Law Offices of BJ Richardson, LLC are available to help you with the necessary steps to get your trust established.
What Is a Trust?
A trust is a legal document that has the authority to hold legal title to property. Trusts help you to avert the probate process or estate administration. Additionally, a trust includes safeguarding assets from creditors and death taxes. This furnishes you with a system to obtain care through a time of incapableness, and give your heirs easy access to funds.
What’s the Difference Between a Will and a Trust?
There are various kinds of trusts such as investment trusts, life insurance trusts, charitable trusts, and special needs trusts, to name a few. However, in most instances, when asking about a trust, what people are technically inquiring about is a “revocable living trust.”
To clarify what a “revocable living trust” is, it’s best to define the term “revocable,” which means that the trusts can usually be altered, revised, or completely revoked during the life of the individual or individuals who devised the trust. This gives the originator of the trust complete flexibility to do as they please. “Living” simply indicates that the trust is created during the lifetime of the originator of the trust. Lastly, a trust is an isolated legal body that can possess property and is controlled by the trustee.
If you are single, you can create a revocable living trust just the same as someone who is married. Technically, any two individuals, whether married or not, can construct a conjunctive revocable living trust; however, unmarried couples creating this type of trust would have to plow over various specific considerations when doing so.
The Purpose of an Irrevocable Trust
An irrevocable trust cannot be changed or concluded without the beneficiary’s approval. Generally, this type of trust is designed for tax purposes. When an irrevocable trust is being established, the person making the trust or the grantor, assigns proprietorship of assets to the trust wherein those assets are no longer taxable.
Are You Planning to Create an Irrevocable Trust?
There’s no cutting corners establishing an irrevocable trust, it is a momentous undertaking. This is why you need the expertise and professional consulting that we offer. We can assess your circumstances and advise you if an irrevocable trust is the right step for you. As your attorney, we can write the trust’s provisions and make certain that the trust meets Missouri’s applicable law.
Probate Court and Trusts
The real purpose of probate court is to “free-up” assets from the deceased individual and into the possession of the legal heirs. Revocable living trusts avoids this whole process.
Different trust encompass various advantages and uses. Our office consists of the best trusts Springfield MO lawyers that can help you establish a trust, or change a trust if you presently have a revocable trust. Our attorneys at the Law Offices of BJ Richardson, LLC will be available to assist you with following through on whatever is required after the revocable living trust has been set-up, which may cover funding the trust with your assets. This way, anything owned by the trust will obviate probate. Contact us to schedule your initial consultation to converse about what sort of trust is best for you. We will help you to properly prepare and leave no stone unturned.