Does a trust need to be written by a trust attorney O’Fallon MO offers?
If you are thinking about creating a living trust, you may be wondering if you need to hire a trust attorney in O’Fallon MO to accomplish this. The fact is, you don’t. Anyone can write their own living trust but there are a number of legal requirements that must be fulfilled in order for the trust to hold up in court. Another reason why many individuals hire a trust attorney, particularly from a firm in O’Fallon MO such as Legacy Law Center, is because of our depth of knowledge of potential tax issues and how best to avoid them. We can help you protect your financial privacy and take full advantage of all the reasons why a living trust can be so attractive. Call us today to find out more about our legal trust services and how we might be of assistance to you. Below is some general information about living trusts that may be helpful.
What is a living trust?
It’s an estate planning tool that enables someone to manage their property and other assets as well as enable their heirs to save tax money. The other advantage of a living trust is that it also allows one’s heirs to avoid the probate process after the person passes away. Avoiding probate equates to saving money and time and allows the heirs to inherit their assets that much faster. There is more than one type of living trust, and so it’s important to understand the similarities and differences. A trust attorney in O’Fallon MO from Legacy Law Center can sit down with you to discuss your trust options and determine which may work best for your needs.
What information is included in a living trust?
- The name of the person who is creating the trust.
- The name of the person who is the manager of the trust, otherwise known as the trustee. Assuming this is your trust, you will likely be the manager of the trust.
- The person you designate to take over your trust and who will also be known as the trustee but they cannot do so until after you pass away, or if you become incapacitated during your life. In this context, “incapacitation” is when someone loses their mental capacity and cannot make important decisions on their own behalf.
- The names of the people who will be your beneficiaries and inherit your property and other assets.
The Transfer of Your Assets
The living trust does not go into effect until after you sign it and have it notarized. For your convenience, your trust attorney in O’Fallon MO from Legacy Law Center can take care of this in our office so that you will not have to go to a secondary location. Once this is done we will begin the process of transferring your assets to your living trust. This will be done using a deed or standard transfer document. Your trust attorney in O’Fallon MO can make this process very easy for you, and we will make sure that all details are taken care of properly.
Hire a Professional
At Legacy Law Center, we have helped many members of our community establish a customized living trust that reflected their unique needs. We can do the same for you. Learn more during a complimentary case review with a trust attorney in O’Fallon MO from Legacy Law Center—call today to make an appointment.
Contact the Legacy Law Center at (636) 887-5297 to speak to a trust attorney O’Fallon MO offers. Charles J. Moore is an attorney who is dedicated to fighting for the rights of his clients. If you or a family member is in need of an O’Fallon MO trust attorney, contact us to request a free consultation.
Achieve Peace of Mind
Creating a trust means that your final wishes can be honored after your passing. When your family is clear about your final wishes, they do not have to be further overwhelmed in addition to their grief. Also, with the help of a trust attorney in O’Fallon MO such as Charles J. Moore can limit or eliminate the possibility of probate. Probate can put the power of making decisions about your estate in the hands of others such as the court, for matters that you would likely prefer to make on your own. Avoid probate by working with a trust attorney O’Fallon MO locals hire.
The Advantages of Creating a Trust
Though passing away without a will can be devastating to your family as they may not have any idea of your final wishes, a will is not always the best or only choice. In addition to, or instead of a will, you can create a trust. One of the most common types of trusts is a living trust. It allows the owner (trustee), to retain ownership of their assets with the option of managing them, and specifies how they will be distributed after they pass away. A trust attorney O’Fallon MO community members can review your situation to determine what kind of trust is best suited for your needs. Many types of trusts offer these advantages:
- A trust can protect your assets after your passing from creditors or your surviving spouse.
- Some types of trusts can permit a married couple to leverage estate tax exemptions.
- Your beneficiaries can enjoy the benefits of your life insurance proceeds without paying an estate tax. Talk to a trust attorney O’Fallon MO residents work with to find out more about irrevocable life insurance.
- A personal residence trust can allow you to pass on your house to your heirs while enjoying maximum tax advantages.
- If you have children, you may not wish to leave them assets of significant value with full and immediate access.
- An attorney from our firm can help you establish a work incentive trust that will encourage your children to get an educational degree. It can also provide incentive to work and support themselves prior to receiving their inheritance.
- A trust can specify who should take care of and be legally responsive for your minor children. If you do not take care to make this known in a legally recognized way, these decisions may end up in the hands of a court and a judge may make different choices than you would.
Contact us for a Free Consult
Establishing a trust can provide you and your family with the peace of mind you need well in advance of your passing. If you would like to know more about how a trust attorney O’Fallon MO turns to from the Legacy Law Center, call Charles J. Moore today at (636) 887-5297.