Why should I have a trust? Part III
- Trusts Can Provide for Minor Children, Grandchildren or Disabled Beneficiaries. Minors and incompetent individuals cannot hold property in their own name, without court supervision. A trust can avoid probate for your beneficiaries and provide for management of your assets for these beneficiaries who are unable to manage assets themselves, which will save thousands of dollars in court costs and legal fees. A trust can hold a beneficiary’s share in trust until a beneficiary can manage property on their own, which could be a period of years, when they reach a certain age, college graduation or for their lifetime. You can choose how long your assets are to remain in trust.
- Trusts Provide Greater Flexibility. The trustee under your trust will have as much flexibility in terms of the investment, management and administration of your assets as you desire to grant to the trustee. There are no rigid and automatic court imposed restrictions placed on the trustee, like those placed on court-appointed executors, guardians and conservators. As the initial trustee, you are accountable to no one but yourself. Successor trustees are accountable to the beneficiaries of the trust. Only if it appears that the trustees are not properly carrying out their duties can they be required to account to a court.
- Avoid a multi-state probate. If you have real estate in more than one state, a trust avoids probate in each state. If you have a vacation home, deeded time share, oil, gas or mineral interests, family farm interest or other real property in another state, those assets must be separately probated in that state, in addition to probate in your home state of Missouri (if you are a Missouri resident). Having more than one probate court and more than one set of attorneys involved often is extremely complicated and expensive. If all of these real estate and property interests were titled in the name of your revocable trust, both the Missouri probate and the out of state probate would be avoided.
Call us today at 573-441-9000 to learn how you can protect your assets and provide for your family with a trust.