The Advantages of a Revocable Living Trust
Revocable Living Trust Defined
A trust is an agreement that determines how a person's property is to be managed and distributed during his or her lifetime and also upon death. There are two basic steps in creating a revocable living trust:
- An attorney prepares a legal document called a "trust agreement" which is signed by the Grantor and the Trustee (often the same person)
- The Grantor transfers property to the Trustee to be held for the benefit of the beneficiary or beneficiaries named in the trust document.
Once you have created a Trust, if all property is successfully transferred into the name of the Trust, your assets upon your death will be distributed in accordance with the provisions of your Trust, free and clear of probate.
Advantages of a Revocable Living Trust
- Cost - You will avoid probate expenses (i.e. court costs, attorney fee and administrative expenses)
- Privacy - Your assets and the distributive portion of your trust is kept private and will not become public record
- Time - Your property can often times be distributed in a much more timely fashion then would occur in a probate administration
- Location - If your property is in other states than Missouri, as long as the property is titled in the name of your Trust, it is not necessary to establish "ancillary" estates or probate administrations in each state in which your property is located
- Supervision - Should the Grantor become physically or mentally incapacitated, property held under Trust will not be subject to the Court's supervision through a conservator estate.
Even though you have a Trust, a Will is still required in case any property fails to be transferred to the Trust during your lifetime. When you create a Trust, your attorney will also prepare what is referred to as a "pourover will" to be used for the transfer of any property that is not titled in the name of your Trust.
Please contact us if we can help answer any of your questions on setting up a Trust or a Will!
Please contact us if we can help answer any of your questions on setting up a Trust or a Will!
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Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C.
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Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C.
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Phillips, McElyea, Carpenter & Welch, P.C.
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(573) 346-7231 - Telephone85 Court Circle N.W., P.O. Box 559
Camdenton, MO 65020 GET A MAP
(888) 236-2485 - Toll Free
(573) 346-4411 - Fax
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