Do I Need a Trust Attorney?
At some time in your life you may realize that you need to hire a trust lawyer St. Peters, MO families turn to for estate planning. At the Legacy Law Center our legal team understands that this can be an emotionally triggering task. We strive to make our clients feel comfortable and at ease knowing that their loved ones’ futures will be protected. We take great pride in offering quality and professional legal services for those residing in St. Peters and surrounding areas.
A trust lawyer St. Peters, MO community members choose from the Legacy Law Center can set up a trust for you based on your needs and wishes. We can also provide legal services for the person you appoint as your trustee when the time comes. You can even appoint a lawyer from our firm as the executor or trustee of your trust. If you are creating or modifying your trust, you may benefit from hiring a trust lawyer St. Peters, MO locals call from our firm to take care of it for you. It is important to seek council from a professional from the Legacy Law Center to ensure your wishes are carried out.
Reasons to Create a Trust
Prevent your family from having to go through probate proceedings, saving them time, money, and effort.
To potentially lower or eliminate taxes on your estate, saving your heirs money.
Enable you to choose your beneficiaries, what they will inherit, and when.
Below is a list of possible dispute cases in which we can fight to protect your assets in the event they may be at risk. By choosing a trust lawyer St. Peters, MO people recommend from the Legacy Law Center, with the establishment of your trust you can prevent future heartache to your family and other beneficiaries.
1) Breach of Fiduciary Duty
3) Removal of Trustee
4) True Contests
5) Compelling Trustees to Account
6) Reclaiming Trust Property
7) Omitted Spouses and/or Heirs
8) Appointment of Independent Trustee
9) Violations to Prudent Investor Rule
Establishing a trust can protect your valuables while you are alive and after your passing. By working with a trust lawyer in St. Peters, MO from the Legacy Law Center, you can feel more confident about what will happen with your assets in the future.
It is common to have many questions about the process of establishing a trust. That is where a St. Peters trust lawyer comes in. An attorney from our firm can answer your questions and address your concerns. With one of our compassionate trust attorneys at your side, you can gain a fuller understanding of your estate planning options.
Types of Trusts:
Revocable trusts are created during the lifetime of the trustmaker and CAN be altered, changed, modified or revoked entirely. An revocable trusts is also often called a living trust. These are trusts in which the trustmaker transfers the title of a property to a trust, serves as the initial trustee, and has the ability to remove the property from the trust during his or her lifetime. Revocable trusts can be extremely helpful in avoiding probate. If ownership of assets is transferred to a revocable trust during the lifetime of the trustmaker so that it is owned by the trust at the time of the trustmaker’s death, the assets are often not subject to probate.
Making Changes to Irrevocable Trusts
There are very good reasons for setting up an irrevocable trust, as a trust lawyer St. Peters, MO trusts can attest.
- Putting assets in the trust reduces your potential tax liability.
- An irrevocable trust protects assets from the probate process, thus saving time and sometimes costs associated with going through probate.
- Avoids gift tax on any assets you have that may appreciate
- Property in the trust can be managed by a named trustee thus shifting the responsibility to someone perhaps more knowledgeable in handling your investments.
Because of these advantages, irrevocable trusts are set up to be just that — irrevocable. The grantor, or creator of the trust, cannot remove assets from the trust or make changes the way property is distributed to its beneficiaries. The estate planning attorneys at Legacy Law Center are available to discuss the options when considering an irrevocable or revocable living trust.
What if your situation changes and you want to make adjustments to your irrevocable trust? Life situations happen where you may want to change or modify an existing irrevocable trust. What if you need to change a beneficiary due to changes in the family (death, divorce, birth)? It isn’t easy to do and will require the use of an trust lawyer in St Peters, MO. The key to making any changes is consent.
The laws are different in each state so before moving forward with the idea of change, consult your estate planning attorney for advice on what you can and cannot change in your particular state.
First and foremost, the trustee is the only one who has authority to make any changes. In addition, all the beneficiaries must be in agreement about the change. It can get a bit sticky in circumstances where there may be a falling out with one of the beneficiaries and the grantor of the trust wants to change how much that particular beneficiary receives from the trust. In order to make the change, all beneficiaries must consent.
You cannot make changes to an irrevocable trust if the grantor has passed away or if not all of the beneficiaries consent without a court order. This process is a lot more difficult and can take a considerable amount of time. It is rare for a court to approve any changes to a trust and is only accomplished in conditions where a beneficiary has passed away. The courts are not apt to approve changes after the grantor has passed away because they feel it takes away from the original intent of the trust when it was created by the grantor.
Another way to change an irrevocable trust is to remove the assets from the trust and creating a new trust with the different terms. This is called decanting a trust. Each state has their own set of laws concerning trust decanting so be sure to discuss this with your St. Peters trust lawyer.
The decision to change an irrevocable trust can be complicated and you need to understand if there are any unintended tax implications or other unexpected considerations. If you have questions about a trust or need assistance with estate planning, consider contacting the qualified estate planners at Legacy Law Center. Learn more about How Can I Change a Trust After My Spouse Has Died?
Legacy Law Center: Your Choice for Estate Planning
We are available to take your call and your first consultation with one of our attorneys is free. Give us a call today to speak with a knowledgeable trust lawyer St. Peters, MO loved ones rely on from the Legacy Law Center by calling 636-486-2669 today.
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