If you’re looking for some help with creating a trust, you may be looking for a top estate planning lawyer O’Fallon MO has to offer. A trust is created as an agreement that governs how an individual’s property and other assets should be maintained and disbursed throughout the individual’s lifetime and also upon their death. When looking for an O’Fallon estate planning lawyer to help you plan your trust, we understand it can be a sensitive process in choosing the right person to represent you. We are backed by years of experience so you can feel confident and comfortable that you can be taken care of.
There are two main classifications of trusts:
- Living – when the trust is established during the individual’s lifetime; and
- Revocable – when the individual has reserved the right to alter or rescind the trust during their lifetime;
Three different parties are typically involved in a revocable living trust:
- Trustee; and
As mentioned above, a revocable trust enables the settlor to alter or rescind it at any time in their life. This allows the settlor to consider a variety of circumstance changes, such as death, divorce, marriage, disability, or even if they simply want to just change their mind. It also allows for an ease of mind as the settlor can feel confident that any decision can be undone at any given time. The kind of estate planning lawyer O’Fallon MO residents deserve is just a phone call away. Call Legacy Law Center for your free consultation today.
Estate tax planning can also be completed using a revocable living trust. The state of Missouri currently does not hold an estate tax, however, the federal government does. Clients that are concerned about having to pay estate tax upon their death can feel confident when obtaining a revocable living trust, as it can encompass specific estate tax planning verbiage with the goal of minimizing estate taxes. An experienced estate planning lawyer O’Fallon MO residents should look for can be found at Legacy Law Center.
Trustees can use the assets of the trust to pay bills, maintain property expenses, pay real estate taxes, etc. The trustee can also figure out property distribution and other related issues for the trust. A relative or friend of the successor is typically chosen as the trustee, and in some instances, the successor may choose a professional trustee such as the representative of a company or a bank. The state of Missouri does not require the successor trustee to be a resident of the state of Missouri. Look to an estate planning lawyer O’Fallon MO trusts for your trust needs today, as our lawyers are standing by to answers any and all of your questions.
The successor trustee process and actions are typically not supervised by any party, even the court of law, so selection of this important role should be well-thought-out. An estate planning lawyer in O’Fallon MO can assist you with this complex process. Our clients’ satisfaction is always our top priority. If you’re looking for some help with planning your estate or your revocable living trust, contact Legacy Law Center at our Winghaven Office at 636-887-5297 or our St. Charles Office at 636-486-2669 to speak with an estate planning lawyer O’Fallon MO is proud to have fighting for its community.