Trusts are one important way for someone to ensure property is passed on properly after death. Missouri is like many states in offering a certain type of trust-the revocable living trust-that can provide benefits even before the passing of the person who creates the trust.
Many Missouri residents are aware of the advantages of creating a revocable living trust as part of an estate plan. Residents with questions may visit some earlier posts on this blog, which cover a number of aspects related to forming trusts in Missouri. While some questions may pertain to creating a trust, others may concern trust administration.
The assets a person accumulates during his or her lifetime can often be a subject of concern during old age. Even where the person has built a family without much friction or strained relations, the question of what happens to one's property upon death tends to trouble many. As residents of Saint Louis, Missouri, might know, while property can pass on to a person's heirs -- his or her spouse and children, for instance -- it is always preferable to seek alternatives to simplify the process of transferring assets.
St. Charles, Missouri, residents know that building assets involves making crucial decisions throughout one's lifetime to first create the opportunity, grow and then maintain the assets. Making decisions related to dispensation of property and assets built during one's lifetime is an important decision.
Many people build their estate to ensure that their heirs can lead a better life. They will create a will and leave the money to their heirs. There is no control on this money and it may be used by the heir immediately. Hence, a trust may be used. The person creating the trust may include well-thought-out terms to it. Creating trusts may also help the person ensure that the property is not squandered.
Missourians are aware that the division of a deceased person's assets can turn into a bitter and prolonged court battle, even if a valid will exists. Adding specific direction for dispensation of a will's assets can be achieved through a trust, created in advance, so that inheritors are already familiar with how assets may be apportioned. It is, of course, necessary that the person setting up a trust also name a successor to ensure that any good work is not undone after his or her death.