Whether you are considering forming a trust, managing an existing trust, drafting accompanying trust documents or a pour-over will, or any other legal decision relating to trusts, then you need the help of a trust lawyer O’Fallon MO clients have trusted for years. At Legacy Law Center we have been providing seniors, veterans, and families with assistance in estate planning for over a decade.
As a solid, reliable, and effective mechanism of estate planning, trusts can help you protect your assets and legacy. However, the effective creation and management of trusts requires careful planning and coordination as well as the support and assistance of those who you trust entirely. At Legacy Law Center you can find the most trustworthy and reliable trust lawyer O’Fallon MO has to offer.
What Is a Trust?
A trust is an agreement that governs how a person’s property should be managed and distributed both during their lifetime and upon their death. The person who creates the trust is usually referred to as the settlor, grantor, or trustor. Title to the trust is usually held by the trustee, who manages its assets. The settlor may serve as trustee during his or her lifetime, but upon their death, someone else may be appointed as trustee.
A beneficiary is a person who receives income or principal from the trust. Again, this may be the settlor during his or her lifetime, but may change to someone else upon the settlor’s death. Trusts can be complicated and difficult to understand, which is why you need the help of a trust lawyer O’Fallon MO residents can trust to offer them patient, compassionate and reliable trust advice and assistance.
Types of Trusts
Sometimes trusts are formed for the sole purpose of governing the management and distribution of one’s assets after one’s death. For instance, someone might want to establish a trust to perform a specific task or fulfill a charitable objective with one’s estate or assets after they die.
Trusts can also be formed during a settlor’s lifetime. These trusts are called living trusts. Although it may seem odd that one would create a trust to manage assets during their lifetime rather than simply deciding how to manage them themselves, there are various benefits to doing so.
In some cases, living trusts may be irrevocable, meaning that they may not be altered or changed. These are most common in non-living trusts but may be used in living trusts as part of a negotiated agreement between two or more parties. For instance, a husband and wife may create a trust to manage and distribute their joint income which they want to be irrevocable to protect each of their individual interests.
On the other hand, revocable trusts provide security and consistency in the management of one’s assets, without being entirely permanent and set in stone. This allows a settlor to take into account possible changes in circumstances such as marriage, divorce, death, disability or any other unforeseen situation and leave open the possibility of changing their trust accordingly.
At Legacy Law Center you can find a trust lawyer O’Fallon MO clients can count on to help them choose the best option to best meet their needs.
What Are the Benefits of a Trust?
A trust offers protection, consistency, and security for your assets. It allows you to regulate monthly or annual expenses and ensure that you are keeping within a guideline or budget that you have planned carefully. It can provide you with financial oversight and support from those you trust and who have financial knowledge, and it can make sure that your assets are spent on the things that you believe most essential and important. This can be particularly valuable in old age as we may become less vigilant of our financial affairs.
Furthermore, a trust can help greatly as a tool for estate planning for asset distribution after death. Not only can trusts help you reduce or control estate tax charges upon death, but they can help to ensure that your assets are protected and maintained during the interim process of estate windup and distribution – something which can take longer than one expects.
In order to reap the full benefits of a trust as an estate planning mechanism, you need a trust lawyer in O’Fallon MO to create an accompanying pour-over will which can name your trust as the principal beneficiary of your estate. Your estate can then be distributed according to the specifications of your trust.
Contact Us Today!
If you need the help of a qualified O’Fallon trust lawyer, then Legacy Law Center can provide you with the advice, guidance, support, and assistance that you need – both in the creation of your trust and later in its maintenance. Call today to arrange a consultation with the most reliable trust lawyer O’Fallon MO provides and to find out how you can protect your assets and legacy both during your lifetime and beyond.