Many people in Saint Charles, Missouri and the rest of the country may think about what will happen to their estates after they pass away. While this may be a common concern, there may be some people who have also thought about what will happen to a person's credit record after the death of that person. People who think that credit reports after death are not important should think again because, nowadays, the existence of identity theft and fraud is extremely prevalent and that can impact the situation.
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.
After grieving the passing of a beloved family member, loved ones may be left wondering what comes next and that would be estate administration. At first look, it may seem like an easy task for any St. Charles, Missouri resident in this situation. However, collecting and managing the assets of a deceased individual's estate; paying off debt and taxes and finally distributing the remaining assets according to the last will and testament, or passing the estate through probate, can be a fairly complicated task because of the various legalities of estate administration.
The foundation of any estate trust, whether created in Missouri or elsewhere, is an agreement. It lays down the method of estate management, planning and distribution while the settlor is alive and even after death. A revocable living trust is established during the lifetime of the settlor. These types of trusts are unique because settlors reserve the amendment and revocation rights regarding the trust during their lifetime.
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.
Estate planning refers to distribution of personal assets after death. A St. Charles, Missouri resident may choose to bequeath assets and estate holdings through a will. A trustee may be appointed to act as a fiduciary for the benefit of the descendants and execute the deceased individual's will.
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.
Estate planning is not only for the rich, but for any person who wants to distribute his or her property to his loved ones or to charity. As such, it is recommended that every person, from Missouri or elsewhere, create an estate plan.
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.
As many Missouri residents are likely aware, the purpose of an estate plan is to ensure that a person's final wishes are carried out. Every estate planning documents serves to meet that purpose -- wills, living wills and trusts all state what should be carried out upon a person's death.