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.
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.
Special needs trusts are created to provide financial support for those individuals with physical or psychological disabilities. A special needs trust is professionally managed by private parties and administered by a trustee on behalf of a disabled or impaired person. The beneficiary of a special needs trust holds an equitable title to the special needs trust while the trustee may also hold legal title for the same.
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.
The idea of owning one's own business is a core tenet for many Americans, whether you live in St. Louis, Missouri or somewhere else. In most cases, one generation in a family sets up a business, and the next steps up to the plate when required. While this has been a historical tradition, the rigor of modern business practices has required self-made businessmen to reshape their enterprises in changing legal statutes. Among these are tax codes, which, in these times of economic recession, seem to be making life tough for businesses of all sizes.