Although once used primarily by the very wealthy, a trust is now a common addition to any comprehensive estate plan. If you have included a trust in your estate plan you may find at some point down the road that you wish to make changes to your trust. Whether or not you are able to make those changes depends on the type of trust you created. A trust in St Louis MO may be revocable or irrevocable. As the name implies, an irrevocable trust is one that cannot be changed, modified, or revoked by … [Read more...] about How to Make Changes to Your Trust in St Louis MO
What Is A Living Trust in St Louis Missouri?
Most people include more than just a Last Will and Testament in their estate plan. After a Will, which serves as the cornerstone of any comprehensive estate plan, trusts are among the most common addition to a plan. A trust can be a testamentary trust or a living trust. Understanding more about a living trust in St Louis Missouri may help you decide to include one (or more) in your estate plan. A testamentary trust is one that does not take effect until your death. An inter vivos trust, or … [Read more...] about What Is A Living Trust in St Louis Missouri?
Wills and Trusts in St Louis MO: Can a Trust Be Contested Like a Will?
Chances are good that even if you have never been involved in a Will contest, you have a general idea of what one is. What happens though if the estate planning component is a trust instead of a Last Will and Testament? Many people do not realize that a trust can be contested in much the same way that a will is contested. For most people, their will is the cornerstone of their estate plan. Although primarily by the very wealthy, trusts are now fairly common additions to any estate plan. The … [Read more...] about Wills and Trusts in St Louis MO: Can a Trust Be Contested Like a Will?
Incapacity Planning in St Louis: Why A Living Trust Is Better than a Power of Attorney
When many people create a comprehensive estate plan they frequently include an incapacity plan as well. Although many people think of incapacity in terms of old age related dementia diseases the reality is that incapacity could strike tomorrow in the form of a tragic car accident or terminal illness. Just as there are a wide variety of estate planning tools and strategies there are also numerous different incapacity planning options. Among those options are a living trust and a power of … [Read more...] about Incapacity Planning in St Louis: Why A Living Trust Is Better than a Power of Attorney
What Is an Executor?
For most people the cornerstone of their estate plan is their Last Will and Testament. Whether your Will is your entire estate plan or just the starting point for a complex plan, you must make a number of important decisions during the creation of your Will. One decision that people often take lightly is the appointment of an executor. This can be a huge mistake. In fact, appointing the wrong executor can significantly impact the success of your estate plan. When you die your estate will likely … [Read more...] about What Is an Executor?
Why An Education Trust Is A Good Estate Planning Option
Helping a family member or loved one pay for the often high cost of education is a wonderful thing to do. Simply handing over funds that are intended to be used to pay for education may not be the best way to go about doing it though. If you want to help pay for someone’ education, consider creating an education trust. An education trust allows you to accomplish your goal of helping to fund the beneficiary’s education while still retaining a large degree of control over how the money is spent. … [Read more...] about Why An Education Trust Is A Good Estate Planning Option
What is a Legacy Trust in St Louis MO?
If you have a sizable estate that you ultimately plan to pass down to future generations one of your primary estate planning concerns should be how to transfer the family wealth without losing a substantial portion of it to gift and estate taxes. One option is to create what is commonly referred to as a "legacy trust". To understand how a legacy trust in St Louis MO can help you first need to understand what happens without one. All of the assets owned by you at the time of your death are … [Read more...] about What is a Legacy Trust in St Louis MO?
Can I Amend a Trust?
A couple of generations ago trusts were used mainly by people with significant assets they were leaving behind. Today, trusts have evolved to the point where even the average estate planner can benefit from the creation of a trust. What happens though if you want to amend a trust? Whether or not you can amend a trust depends on what type of trust you created. Testamentary trusts are trusts that take effect when you die and are incorporated into your Will. A testamentary trust can be amended at … [Read more...] about Can I Amend a Trust?
Charitable Trusts — Lead or Remainder?
Charitable trusts are a popular estate planning tool because they offer the ability to accomplish numerous goals at the same time. Within the charitable trust category, there are a variety of options, but two basic types are popular because they combine charitable and non-charitable giving. Both a charitable lead and a charitable remainder trust allow you to create a trust that provides for both a cause that is important to you and people who are important to you. In addition, both trusts may … [Read more...] about Charitable Trusts — Lead or Remainder?
Why A Pour Over Will Should Be Included In Your Estate Plan
Trusts are often used as the primary manner to transfer wealth either while a trustor is alive or after death. A living trust becomes effective as soon as it is created and may begin distributing trust funds at any point thereafter. If you are depending on one or more living trusts to transfer your wealth, don’t make the mistake of assuming that you do not need to execute a Last Will and Testament as well. Because a living trust has the ability to legally own and distribute all of a person’s … [Read more...] about Why A Pour Over Will Should Be Included In Your Estate Plan
