Trust Lawyer St. Peters, MO
If you created a revocable living trust with your spouse, you can change the whole trust or part of the trust following the his or her death. A living trust allows to you make any changes to the terms by creating amendments or by creating a new trust entirely. If you have an “A-B” trust, the trust you created splits entirely in two when your spouse dies and you are unable to change any piece of your spouse’s part of the trust.
When the trust is divided in two, your spouse’s sections are known as the bypass trust and your pieces are called the survivor’s trust. The trust you originally created with your spouse holds all of the terms for both the bypass trust and the survivor’s trust. You have the capability to change your section, the survivor’s trust, just as you would with a traditional living trust until you die.
Reviewing your Original Trust
If you have a traditional living trust, you will need to read over the trust carefully prior to making any changes. The death of your spouse will alter the way any assets in the trusts are distributed when you die, if your spouse was listed as the beneficiary. You will also need to choose someone to name as a successor trustee if that role was left to your spouse in your original trust.
To ensure everything is distributed fairly, it is recommended to created a list of any assets in the trust, how these assets are distributed, and who is listed as a beneficiary. Once you have created this list, it will be easier to change the distribution of your assets in your amended or new trust. If you have an A-B trust, the trust will need to be split into two separate trusts. If you need to split your trust, it is recommended to work with a St. Peters, MO trust lawyer.
Creating an Amendment
If you have decided to only make a few changes to your living trust or survivor’s trust, you may only need to create an amendment rather than creating a new trust. State laws regarding creating amendments to your trust will determine how this should be done, but the usual process is to create a separate document that lists the sections of the trust you are deciding to change and how you are changing them, exactly word for word. You will also need to list the name of the trust agreement and the date of execution, along with the date and your signature.
New Agreement
If, after your spouse dies, you need to change many sections or large sections of your trust, it may behoove you to create an entirely new trust agreement. This is also true if you are planning on making a large amount of changes to your survivor’s trust. Having a large amendment could get confusing and could make people uncertain about what you would like to have happen to your belongings when you die. It is recommended to have a new trust reviewed by a trust lawyer St. Peters, MO clients call to ensure it is correct.
St. Peters Trust Law FAQs
When thinking about creating a trust, you may have several questions about the process and its benefits. Our St. Peters, MO trust lawyer understands that setting up a trust can be a key part of planning for your family’s future. Our founder, Charles Moore, has been practicing law since 2005, and he possesses the knowledge and experience to help you establish the trust that you need. Our firm is dedicated to providing exceptional, client-focused assistance regardless of your needs. With over a decade serving the Missouri community, it is our job to help set you up for a successful future.
Do I Need A Lawyer For A Trust In Missouri?
Setting up a trust may seem straightforward, but each trust is unique and must be catered to your specific needs and interests. Working with a legal professional can make the process much smoother. Missouri’s laws have specific requirements and rules for trusts, and our Missouri trust lawyer can provide personalized guidance to help structure your trust properly. Having a lawyer involved can also be useful if you want to protect your assets and make sure that the terms of your trust align with your intentions. We often find that clients appreciate having that legal insight to avoid potential issues down the road.
How Much Money Do I Need To Have To Establish A Trust?
A common misconception is that trusts are only for the wealthy. In reality, a trust can be beneficial for people with various levels of assets. The decision to create a trust often depends more on your personal goals and what you wish to accomplish rather than on a specific dollar amount. Whether you’re looking to protect certain assets, simplify inheritance, or support loved ones, our trust lawyer can guide you in selecting the right type of trust, regardless of your financial situation or what assets you wish to place into the trust. A well-crafted trust can meet many different needs, making it a versatile tool for estate planning.
Why Should I Hold My Home In A Trust?
Holding your home in a trust can provide several advantages, including making the transfer of property smoother for your loved ones. In Missouri, trust allows your home to avoid probate, which can save your family both time and expenses. This option is particularly helpful if you want to establish a clear path for your property’s future, keeping it within the family or passing it on to a designated beneficiary.
How Does Money Come Out Of A Trust?
Money from a trust is distributed according to the terms outlined in the trust document. Trustees, or the individuals responsible for managing the trust, distribute funds to beneficiaries based on your instructions. Whether the money is to be paid out at specific times or only for certain expenses, the terms are flexible and allow you to set conditions that match your intentions. We encourage clients to work with our St. Peters trust attorney to establish these terms clearly, helping beneficiaries receive funds in a way that aligns with your wishes.
Does A Trust Terminate Upon Death?
Most trusts do not automatically terminate upon the creator’s death. Some trusts are designed to continue providing benefits to heirs or managing assets long after the trust creator passes away. The terms of the trust generally dictate how and when it may eventually conclude. For example, a trust could end when specific conditions are met or at a certain date. Working with our trust lawyer is a helpful step to ensure the trust’s longevity matches your goals.
Contact Our St. Peters Trust Lawyer Today
If you are considering establishing a trust, having the knowledge and experience of our dedicated trust lawyer on your side is invaluable. We will help you create a trust that is sound, legal, and represents your best interests. To discuss your trust with our legal team, contact Legacy Law Center today.
