There are many physically or mentally disabled senior citizens here in Missouri who depend on government programs such as Social Security and Medicaid. However, if these individuals inherit any monetary assets from a recently deceased family member, they may potentially lose these benefits. So are there ways to bequeath assets to a disabled family member without endangering their ability to remain in government programs?
Trust administration is a frequent concern for people in St. Louis. It can be puzzling to understand the different possibilities that are available. Having an understanding over the basics can smooth the process and help people get exactly what they want. Part of this is knowing the difference between an irrevocable trust and a revocable trust.
Many Missouri residents create a trust in order to bequeath their assets, properties and other wealth to their beneficiaries. In many cases, the beneficiary may be a descendant of the benefactor or a charitable organization which the benefactor supports.
Financial assets are built over time and usually with great effort. People who have worked hard building assets want to ensure their smooth passage to the next generation. Many Missouri residents prepare an estate plan, which addresses how these assets would be distributed after their death.
Many people in Saint Louis and in the rest of Missouri have created trusts as a part of their estate plan. However, once the trust is created, a person may need special provisions to accommodate for the hurdles life may throw his or her way. The previous post on our blog discussed three unique trusts that may interest those people who have already created traditional trusts.
As many people may agree, trusts can be a secure way of ensuring that the person's assets will be left for the next generation. That is largely because trusts effectively address a number of unique situations and circumstances. As a result, a large number of people in Missouri have created trusts and made it an integral part of their estate plan. However, after a trust has been created, sometimes, circumstances change and the requirements of the trust changes.
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.
Missouri's statutes set out many responsibilities for trustees in the performance of their duties following the death of a person leaving an estate to be divided among designated beneficiaries. Trustees are required to "prudently" administer trusts and consider several factors while administering a trust, such as upholding all the requirements of distribution as stipulated in a will or trust, following the terms of the trust and related matters.