TRusts 

Revocable Living Trust

The revocable living trust is another option as an asset transfer vehicle. When you use this type of trust, you would be the trustee, so you would maintain control of the assets. In the trust declaration, you name a successor trustee along with your beneficiaries.

After your death, the trustee would follow your instructions and distribute the assets to the beneficiaries. The administration of the trust will not be subject to probate, so the drawbacks that we looked at above would be avoided.

Plus, you can include spendthrift protections. The trust will become irrevocable after your passing, and the assets that are held by the trust would be protected from creditors. You can also instruct the trustee to provide limited distributions over an extended period of time.

If you are naming a minor child as a beneficiary, the trustee would manage the assets on behalf of the minor per your recorded instructions. You can also account for incapacity by naming a disability trustee to step into the role during your lifetime in the event of your incapacitation.

Other Types of Trusts

There are also irrevocable trusts that serve certain purposes. For example, you can use a supplemental needs trust to provide resources for a loved one with a disability without impacting government benefit eligibility.

An incentive trust can be used to guide a beneficiary toward positive behavior or away from self-destructive actions. High-net-worth individuals use certain types of trusts to gain estate tax efficiency.

These are a handful of scenarios that can be addressed through the utilization of a trust, and there are others. When you work with our firm, we will learn about your situation and your objectives and explain your options so you can make informed decisions.

Create a Will or Trust in Kanas or Missouri!

If you are ready to work with a Kansas and Missouri Lawer to create a will or trust, we can help. You can call us right now at (913) 385-9400 to schedule a consultation appointment.

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