St. Louis Wills & Trusts Lawyers

The two most common estate planning documents are wills and trusts. Though they serve different purposes, both of these documents work in conjunction with one another to create a comprehensive and well-rounded estate plan, giving families peace of mind, knowing their assets will be distributed as they intended after they pass. If you have questions about wills or trusts or would like to draft one, reach out to the knowledgeable St. Louis estate lawyers here at the Stobie Family Law Group.

Wills & Trusts Lawyers Serving St. Louis, Missouri

Though we tend not to think about what will happen with our assets when we die, having a plan in place is paramount. Having such a plan helps ensure you and your family, not the state, determine how those assets are distributed upon your passing. Our wills & trusts lawyers have extensive experience drafting these documents, and we’re here to put that experience to work for you as well.

Why You Need a Will

A will is a foundational component of any estate plan, as it allows you to specify exactly how your assets should be distributed after your death. Without a will, Missouri’s intestate succession laws will determine who inherits your property, which may not align with your wishes. Drafting a will ensures that you have a say in who will receive your assets, who will serve as the guardian of any minor children, and who will manage your estate. Additionally, a well-drafted will can help minimize potential disputes among family members, avoid delays in the probate process, and ensure your final wishes are respected.

What You Can Include in a Will

A will can cover a wide range of matters, allowing you to address both financial and personal concerns. In a will, you can:

• Name beneficiaries for your property, including real estate, bank accounts, investments, and personal items.
• Designate a guardian for any minor children, specifying who will care for them if you pass away before they reach adulthood.
• Appoint an executor, the person responsible for managing your estate, settling debts, and distributing assets according to your wishes.
• Set up trusts for beneficiaries, such as minor children or individuals with special needs, to ensure their inheritance is managed and used appropriately.
• Include specific bequests, such as sentimental or valuable personal items you wish to leave to certain individuals. By clearly outlining these details, a will helps ensure that your estate is handled according to your preferences and reduces uncertainty for your loved ones.

What is a Trust?

A trust is a legal arrangement in which a person (the grantor) transfers ownership of assets to a trustee, who then manages and distributes those assets for the benefit of one or more beneficiaries. Trusts can be used to achieve various estate planning goals, such as avoiding probate, providing for minor children, managing assets for individuals with special needs, or reducing estate taxes. One of the primary advantages of a trust is that it allows assets to be distributed outside of the probate process, ensuring a faster and often more private transfer of wealth. Trusts can be structured in many ways, offering flexibility to suit your unique circumstances and wishes.

Types of Trusts in Missouri

In Missouri, several types of trusts can be utilized depending on your estate planning goals:

• Revocable Living Trust: This type of trust allows the grantor to retain control over the trust assets and make changes or revoke the trust during their lifetime. It helps avoid probate and provides a flexible way to manage assets.
• Irrevocable Trust: Once established, this trust cannot be changed or revoked without the beneficiaries’ consent. It can help reduce estate taxes and protect assets from creditors.
• Special Needs Trust: Designed to provide for individuals with disabilities without disqualifying them from government benefits, such as Medicaid or Supplemental Security Income.
• Testamentary Trust: Created through a will and only takes effect upon the grantor’s death. It is often used to manage assets for minor children or other beneficiaries who may need guidance.
• Charitable Trust: Allows you to set aside assets for a charitable cause, potentially providing tax benefits while supporting organizations you care about. Each type of trust offers unique benefits, and a qualified estate planning attorney can help you choose the one that best fits your needs.

Contact Our Wills & Trusts Lawyers

Don’t attempt to draft a will, trust, or any other estate planning document without an attorney in your corner. Our wills & trusts lawyers are here to guide you through the process and ensure your documents are valid, legally enforceable, and act in accordance with your wishes. Contact the Stobie Family Law Group today.