Trust Lawyer O’Fallon MO
As a solid, reliable, and effective mechanism of estate planning, trusts can help you protect your assets and legacy. However, the effective creation and management of trusts require careful planning and coordination as well as the support and assistance of those who you trust entirely. At Legacy Law Center you can find the most trustworthy and reliable trust lawyer O’Fallon MO has to offer.What Is a Trust?
A trust is an agreement that governs how a person’s property should be managed and distributed both during their lifetime and upon their death. The person who creates the trust is usually referred to as the settlor, grantor, or trustor. Title to the trust is usually held by the trustee, who manages its assets. The settlor may serve as trustee during his or her lifetime, but upon their death, someone else may be appointed as trustee.
A beneficiary is a person who receives income or principal from the trust. Again, this may be the settlor during his or her lifetime, but may change to someone else upon the settlor’s death. Trusts can be complicated and difficult to understand, which is why you need the help of a trust lawyer O’Fallon MO residents can trust to offer them patient, compassionate and reliable trust advice and assistance.
Types of Trusts
Sometimes trusts are formed for the sole purpose of governing the management and distribution of one’s assets after one’s death. For instance, someone might want to establish a trust to perform a specific task or fulfill a charitable objective with one’s estate or assets after they die.
Trusts can also be formed during a settlor’s lifetime. These trusts are called living trusts. Although it may seem odd that one would create a trust to manage assets during their lifetime rather than simply deciding how to manage them themselves, there are various benefits to doing so.
In some cases, living trusts may be irrevocable, meaning that they may not be altered or changed. These are most common in non-living trusts but may be used in living trusts as part of a negotiated agreement between two or more parties. For instance, a husband and wife may create a trust to manage and distribute their joint income which they want to be irrevocable to protect each of their individual interests.
On the other hand, revocable trusts provide security and consistency in the management of one’s assets, without being entirely permanent and set in stone. This allows a settlor to take into account possible changes in circumstances such as marriage, divorce, death, disability or any other unforeseen situation and leave open the possibility of changing their trust accordingly.
At Legacy Law Center you can find a trust lawyer O’Fallon MO clients can count on to help them choose the best option to best meet their needs.
What Are the Benefits of a Trust?
A trust offers protection, consistency, and security for your assets. It allows you to regulate monthly or annual expenses and ensure that you are keeping within a guideline or budget that you have planned carefully. It can provide you with financial oversight and support from those you trust and who have financial knowledge, and it can make sure that your assets are spent on the things that you believe most essential and important. This can be particularly valuable in old age as we may become less vigilant of our financial affairs.
Furthermore, a trust can help greatly as a tool for estate planning for asset distribution after death. Not only can trusts help you reduce or control estate tax charges upon death, but they can help to ensure that your assets are protected and maintained during the interim process of estate windup and distribution – something which can take longer than one expects.
In order to reap the full benefits of a trust as an estate planning mechanism, you need a trust lawyer in O’Fallon MO to create an accompanying pour-over will which can name your trust as the principal beneficiary of your estate. Your estate can then be distributed according to the specifications of your trust.
Does a living trust offer more privacy than a will?
Our team at the Legacy Law Center is here for you and your family. If you would like to safeguard your family’s future and pass on your legacy in a meaningful way, we can help. For years, the Legacy Law Center has provided estate planning legal services for families in the O’Fallon, MO community. We invite you to give us a call and discuss how our trust attorney can help you. A living trust is an ideal solution for many—learn if it may be of benefit to you as well.
How does a will become public?
Upon someone’s passing, the person who is in charge of their will must file it with the deceased’s local probate court. Though the contents of the will may not require that the estate passes through probate, the will may still need to be filed with the court. Our trust lawyer O’Fallon MO can provide you with guidance as to what exact steps must be taken and if your circumstances warrant any exceptions to the rule. If you fail to file the will with the probate court as required, you may be subject to a fine.
After the will is filed with the probate court it automatically becomes a permanent matter of public record and is viewable to anyone who seeks that information. In this way, the world can learn which assets went to which persons and when the distribution of those assets occurred.
Does a trust remain private?
Unlike a will, under no circumstances does a trust have to be filed with a probate court before or after the trustor’s passing. This is because the probate court does not handle the trust—the trust creator’s designated trustee distributes the trust’s assets. There is no need for the trustee to seek any type of approval or permission from the court. There are many advantages to trusts, and privacy is one. Talk with an O’Fallon MO trust lawyer to learn about other reasons to consider creating one.
Are there required disclosures?
Regardless of whether a person writes a will or creates a trust (usually in conjunction with a will), there are some details that state law may require be made available to certain persons. Specifically, after the trust creator’s passing, the trustee may be legally obligated to provide copies of the trust’s documentation to the trust’s beneficiaries upon request. Your trust lawyer O’Fallon MO can clarify if this is necessary under your circumstances or if beneficiaries only have the right to view the trust’s information that directly pertains to their inheritance. Additional close relatives, whether they inherited assets or not, may also have the legal right to obtain a copy.
What if real estate is included in the estate’s assets?
Real estate ownership is always a matter of the public record, even when the property owner inherited it via a trust inheritance. This is because real estate ownership is registered in the property’s land records office and the information is available to public viewing.
To learn more about the benefits of creating a trust, contact our trust attorney to schedule a consultation.
Does a trust need to be written by a trust attorney O’Fallon MO offers?
If you are thinking about creating a living trust, you may be wondering if you need to hire a trust attorney in O’Fallon MO to accomplish this. The fact is, you don’t. Anyone can write their own living trust but there are a number of legal requirements that must be fulfilled in order for the trust to hold up in court. Another reason why many individuals hire a trust attorney, particularly from a firm in O’Fallon MO such as Legacy Law Center, is because of our depth of knowledge of potential tax issues and how best to avoid them. We can help you protect your financial privacy and take full advantage of all the reasons why a living trust can be so attractive. Call us today to find out more about our legal trust services and how we might be of assistance to you. Below is some general information about living trusts that may be helpful.
What is a living trust?
It’s an estate planning tool that enables someone to manage their property and other assets as well as enable their heirs to save tax money. The other advantage of a living trust is that it also allows one’s heirs to avoid the probate process after the person passes away. Avoiding probate equates to saving money and time and allows the heirs to inherit their assets that much faster. There is more than one type of living trust, and so it’s important to understand the similarities and differences. A trust attorney in O’Fallon MO from Legacy Law Center can sit down with you to discuss your trust options and determine which may work best for your needs.
What information is included in a living trust?
- The name of the person who is creating the trust.
- The name of the person who is the manager of the trust, otherwise known as the trustee. Assuming this is your trust, you will likely be the manager of the trust.
- The person you designate to take over your trust and who will also be known as the trustee but they cannot do so until after you pass away, or if you become incapacitated during your life. In this context, “incapacitation” is when someone loses their mental capacity and cannot make important decisions on their own behalf.
- The names of the people who will be your beneficiaries and inherit your property and other assets.
The Transfer of Your Assets
The living trust does not go into effect until after you sign it and have it notarized. For your convenience, your trust attorney in O’Fallon MO from Legacy Law Center can take care of this in our office so that you will not have to go to a secondary location. Once this is done we will begin the process of transferring your assets to your living trust. This will be done using a deed or standard transfer document. Your trust attorney in O’Fallon MO can make this process very easy for you, and we will make sure that all details are taken care of properly.
Hire a Professional
At Legacy Law Center, we have helped many members of our community establish a customized living trust that reflected their unique needs. We can do the same for you. Learn more during a complimentary case review with a trust attorney in O’Fallon MO from Legacy Law Center—call today to make an appointment.
Contact the Legacy Law Center at (636) 887-5297 to speak to a trust attorney O’Fallon MO offers. Charles J. Moore is an attorney who is dedicated to fighting for the rights of his clients. If you or a family member is in need of an O’Fallon MO trust attorney, contact us to request a free consultation.
Achieve Peace of Mind
Creating a trust means that your final wishes can be honored after your passing. When your family is clear about your final wishes, they do not have to be further overwhelmed in addition to their grief. Also, with the help of a trust attorney in O’Fallon MO such as Charles J. Moore can limit or eliminate the possibility of probate. Probate can put the power of making decisions about your estate in the hands of others such as the court, for matters that you would likely prefer to make on your own. Avoid probate by working with a trust attorney O’Fallon MO locals hire.
The Advantages of Creating a Trust
Though passing away without a will can be devastating to your family as they may not have any idea of your final wishes, a will is not always the best or only choice. In addition to, or instead of a will, you can create a trust. One of the most common types of trusts is a living trust. It allows the owner (trustee), to retain ownership of their assets with the option of managing them, and specifies how they will be distributed after they pass away. A trust attorney O’Fallon MO community members can review your situation to determine what kind of trust is best suited for your needs. Many types of trusts offer these advantages:
- A trust can protect your assets after your passing from creditors or your surviving spouse.
- Some types of trusts can permit a married couple to leverage estate tax exemptions.
- Your beneficiaries can enjoy the benefits of your life insurance proceeds without paying an estate tax. Talk to a trust attorney O’Fallon MO residents work with to find out more about irrevocable life insurance.
- A personal residence trust can allow you to pass on your house to your heirs while enjoying maximum tax advantages.
- If you have children, you may not wish to leave them assets of significant value with full and immediate access.
- An attorney from our firm can help you establish a work incentive trust that will encourage your children to get an educational degree. It can also provide incentive to work and support themselves prior to receiving their inheritance.
- A trust can specify who should take care of and be legally responsive for your minor children. If you do not take care to make this known in a legally recognized way, these decisions may end up in the hands of a court and a judge may make different choices than you would.
Contact us for a Free Consult
Establishing a trust can provide you and your family with the peace of mind you need well in advance of your passing. If you would like to know more about how a trust attorney O’Fallon MO turns to from the Legacy Law Center, call Charles J. Moore today at (636) 887-5297.
Why You Might Need a Trust Litigation Attorney O’Fallon MO
When a person composes a trust, they do so because they want their loved ones to respect their end-of-life wishes and they want to ensure that they successfully distribute their assets the way they want. Trusts can be a positive thing for family members because they typically state very clearly what a person’s wishes are and where their assets should go. Additionally, many people choose to create a trust because they can transfer their assets to certain beneficiaries and avoid the lengthy probate process and any probate court fees. The process can truly be as smooth as the trust creator transferring their assets to beneficiaries. How can someone dispute this when it is in writing? There are certain circumstances that arise that can cause people to dispute trusts, and when this occurs, a trust litigation attorney O’Fallon MO is the best person to represent you in court.
Why Might You Need the Help Of a Trust Attorney O’Fallon MO?
While there are some cases where a trust dispute is likely unfounded, there are certain circumstances where retaining a trust litigation attorney is right for the situation. Three common situations are:
- You have reason to believe that your loved one created or signed a trust under undue influence.
- You believe that the trustor did not have the mental capacity necessary when creating the trust.
- You and one of the other beneficiaries have a disagreement on the terms or interpretations of the trust.
Undue Influence Or Fraud. If you believe that someone forced the trustor into creating the trust or adding certain items, you may need to hire a trust litigation attorney. When one person manipulates or blackmails the trustor to add or subtract things to a trust, this is undue influence. In other instances, someone—perhaps a caretaker of an elderly person—may even amend the trust without the trustor’s knowledge. A court would consider this to be fraud.
A Lack of Mental Capacity. Particularly as people age, they write a trust or make amends to their trusts. Some of these are reasonable changes—there was a death in the family or a divorce. However, when someone’s mental acuity begins declining and they start making changes to their trust, a beneficiary has the right to hire a litigation attorney. There is no one correct definition when it comes to deciding if a person lacks the mental capacity needed for making or changing a trust, but a court will take into consideration if the trustor had dementia, confusion, or other mental health issues.
Disagreements. Sadly, disputes are not uncommon between trust beneficiaries, and if the trustor was not clear in the words or verbiage they used when creating a trust, disagreements will likely arise. Legal counsel can be incredibly helpful in determining if litigation is the right step and if they will represent you in court.
Reach Out, Today! Contact a Trust Attorney O’Fallon MO
Trusts can be incredibly helpful when a person is deciding who to give their assets to, but many disputes may arise once the trustor has passed away. If you are looking for a trust attorney O’Fallon MO who can best represent you and your loved ones in court, reach out to Legacy Law Center today.
