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Category Archives: Trusts

Missouri Living Trusts and Life Insurance Beneficiaries

A major part of establishing a Trust Based Estate Plan is the “funding” of the Trust.  Oversimplified, this involves the re-titling of assets such as bank accounts, real estate and brokerage accounts.  It also involves dealing with Life Insurance Beneficiaries.  While every situation is different, we often recommend naming the Trust as the beneficiary.

Why?

Because it tends to provide the maximum amount of flexibility and enables you to best carry out your wishes.

  1. If you are a surviving spouse, and if you are the trustee, you can still use the insurance money for whatever you need, or whatever you want.
  2. If you are a surviving spouse, and disabled, your successor Trustee can manage the money for your benefit.
  3. If there is no surviving spouse then the funds are there for the children or other beneficiaries.

In other words, you tend to kill multiple birds with one stone.

Again, every situation must be weighed on its own, but as a general guideline this is a good place to start.

In order to change the beneficiary you will need to properly complete a form supplied by your Insurance Company and submit it to them.

Contact us if you have more questions concerning how to designate your beneficiary.

Funding your Missouri Living Trust

Creating a Revocable, or Living Trust in Missouri is basically a two step process.  The first, and most easily understandable, is creating the Trust document itself.  This is done after discussing all options and carefully putting together the instrument, and then signing it. A second step that is nearly as important is the “funding” of… Continue Reading

Challenging the Validity of a Missouri Trust

I got a couple of weeks ago from Barry.  Barry was very concerned that his mother’s trust will be challenged.  Mom’s second husband died several years back.   Mom and her second husband each had their own children from their first marriages.  At the time of the second husband’s death his children received what amounted to his assets and property.  Barry’s… Continue Reading

Using Incentives in Missouri Trusts

We often talk about using provisions in Wills and Trusts to protect money and other assets that are left to children and other family members. Another function of proper planning is to create incentives for family members left behind. These can be as varied as your imagination allows. You may wish to reward a child… Continue Reading

Living Trusts for Missouri residents – Should You have one?

If you are asking the question, the chances are that you should.  Living Trusts are, without question, the most powerful, flexible planning tool that we have.  There is no other tool that, if properly used, avoids probate, provides disability management, provides asset protection for children, enhances privacy, and are easy to modify as your situation changes. It… Continue Reading