Revocable and Irrevocable Living Trusts
Long before Estate Planning became an everyday term, a Last Will and Testament was often the one legal document someone might have prepared for themselves or their family. A will is a basic document that allows people to express their wishes in regard to how they want affairs handled and property distributed after their death.
For any will to be valid, however, it must go through a process called probate, which can be time consuming (12-18 months on average) and can be costly – perhaps up to 8% of the value of an individual’s assets. To bypass the probate process, more legal options have become available for people who wish to distribute and protect their assets. These legal documents are known as trusts.
Wills and trusts can work together and are important pieces of an estate plan. At Beck & Lenox Estate Planning & Elder Law (Beck & Lenox), we’ve served St. Charles County and the state of Missouri for nearly 50 years. Our will and trust lawyers appreciate that every person’s situation is unique. Our goal is to make the process as simple as possible:
We will walk you through available options so that you can decide what is best for your family.
Different Types of Trusts
Provisions of the trust can be altered or canceled because they remain in the grantor’s estate. Most trusts can be revocable.
Provisions of the trust cannot be revoked because they are moved out of the grantor’s estate. A grantor can choose to make a trust irrevocable.
An Irrevocable Trust is required in order to protect assets for certain government programs. Additionally, a person may choose an Irrevocable Trust to guarantee that no one can legally change their intentions regarding the disposition of those assets. One exception worth noting: An Irrevocable Trust can be changed if the person who created the trust and all beneficiaries named in the trust agree to the change.
Set up to designate specific funds or other assets to go to a charity of the grantor’s choice.
Set up to hold a family’s assets or to conduct a family business.
Specifically designed to protect a family farm and is usually irrevocable.
A special trust set up by parents for their children, that protects the assets from debt collectors, bankruptcy or divorce proceedings. This is typically revocable.
Designed to protect the grantor’s investments for Medicaid and VA qualification purposes and is usually irrevocable.
Designed to protect the primary residence and is usually irrevocable.
Special Needs Trust
Set up to provide essential needs-based care or government benefits for a beneficiary who is disabled.
How To Get Started
At Beck & Lenox, our attorneys have helped thousands of families secure peace of mind that their wishes will be carried out upon their passing and that their survivors won’t have to deal with the stresses of legal action or invalid documents.
Our team of will and trust attorneys in St. Charles will meet with you to review your goals and determine what document(s) may be appropriate for your unique situation. Contact our office to book a call with one of the attorneys at Beck & Lenox Estate Planning & Elder Law.