Trusts help you protect your assets during your lifetime and control your assets long after your passing. There are two main categories of trusts, Revocable Trusts and Irrevocable Trusts. Many people benefit from adding a revocable living trust into their estate plan.
Revocable living trust are commonly referred to as "trusts," "family trusts," "living trusts," and "joint trusts."
The Benefits of a Revocable Living Trust
The benefits you will gain from using a trust as your primary estate planning tool are many. Below are the top five reasons our clients choose to implement a trust rather than a will.
Protecting Your Children.
Trusts are not just for the wealthy. They are great tools that help young families provide for their children in ways that Wills simply cannot. You can stretch out your child's inheritance well beyond their 18th or 21st birthday, making sure they don't "waste" their inheritance before they are financially mature.
A trust between spouses provides additional asset protection under Missouri law. Moving your money and assets into a Qualified Spousal Trust creates a unique type of ownership that may help protect you from liability and creditor claims.
Your trust can be designed to include provisions that protect against future uncertainties. Special needs beneficiaries, drug and alcohol problems, son and daughter-in-laws, and creditors. It is also a great way to provide for your own incapacity.
Incapacity, Death, and Beyond.
By creating a trust and placing your assets into it, a successor trustee can step into your shoes and help manage your estate while you are unable to do so. There is typically no need for court intervention, so you can keep your affairs private.
Privacy and Avoid Probate.
A trust is a private document and therefore does not have the same requirements of probate as a will. By avoiding probate, you keep your personal matters private and avoid the lengthy probate process. Additionally, your beneficiaries will likely receive their inheritance much faster than under a will.
Our Trust Package includes the following legal documents:
Initial Consult (up to 2 hours)
Legal Analysis of Your Estate
Revocable Living Trust Based on Your Needs
Last Will & Testament
Financial Power of Attorney
Health Care Power of Attorney
1 General Warranty Deed
Funding Instructions for Transferring Property to Your Trust
Trust Protection Plan
Welch Law's Trust Protection Plan* is designed for individuals and families that want the additional peace of mind that comes with regular contact with our team. This Plan helps our clients remain in front of changes to their estate's assets, stay up to date with their gifting strategies, and maintain confidence that their estate plan accomplishes their changing goals.
The Trust Protection Plan includes the following benefits:
Annual Strategy Session (1 Hour)
Free Updates to General and Healthcare Power of Attorneys
50% Discount on Trust and Will Amendments and Restatements
Unlimited Quick Calls/Emails**
* In order to participate in the Trust Protection Plan, client's must (1) have their Trust created, or restated and amended, by Welch Law, and (2) opt into the Plan at the time they create or restate their Trust.
**Calls/Emails limited to questions and answers of general legal knowledge and which do not require advance research by Welch Law.