Why should I have a trust? Part I
Today is our second post in a series of posts about trusts. Last week, we answered the question, “What is a trust?” Over the next several weeks we will explain the advantages trusts can offer.
- Uncomplicated Asset Management during Life. A revocable trust can avoid probate and manage your assets in the event you become disabled or incapacitated and unable to handle your affairs. In the event of disability or incapacity, the successor trustee that you designated in the trust, takes over management of the trust assets for your benefit. This occurs without probate court involvement or changes to your trust.
- Avoids Probate upon Incapacity or Disability. A revocable trust is beneficial if you become “incompetent” or incapacitated. Without a trust, the probate court may need to get involved and a guardian and conservator would be appointed by the court to manage your property and personal affairs. Court-supervised conservatorship and guardianship is an expensive undertaking, a matter of public record, and very restrictive. This can be completely avoided with an effective estate plan and if your assets are held and managed by the successor trustee of your revocable trust.
- Ease of Changing Your Estate Plan. A revocable living trust will act as the master key to your estate plan. You can make any changes simply by changing the terms of your trust. You will not need to contact any banks, life insurance companies or other financial institutions where you have accounts. One change to your trust changes all accounts, property and assets in the trust. This makes it easy and efficient to keep your estate plan current and up to date.
Call us today at 573-441-9000 to learn how you can protect your assets and provide for your family with a trust.