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 the Trust. This includes re-titling certain assets such as real estate and financial accounts, and changing beneficiaries on Life Insurance Policies and Retirement Plans. Without the proper funding the Trust is “empty”. It can later be funded by a “Pourover Will“, but by necessity this involves the Probate process that most people wish to avoid.
We have a created a sample memo outlining typical instructions for Trust Funding.
It is also critical to maintain the funding after the initial process. For instance, failing to properly title a new home or other piece of real estate can cause the plan to fail, at least in part.
Let us know if you need help in funding your Trust.