Trustor and trustee enter into an agreement to create a revocable living trust. The purpose of the creation of the trust is to provide for the convenient administration of the assets of the trust without the necessity of court supervision in the event of the trustor's incapacity or death. Other provisions of the trust document include: trust assets, disposition of income and principal, and administration of the trust assets after the death of the trustor.
Missouri Living Trust — Revocable is a legal arrangement that allows individuals in Missouri to manage and distribute their assets during their lifetime and after death. It is created by a Granter, who transfers their assets into the trust and appoints a Trustee to administer these assets according to the terms of the trust agreement. The Granter can also serve as the initial Trustee and retain full control and ownership of the trust assets. One of the key features of a revocable living trust is that it can be amended, modified, or revoked by the Granter at any time as long as they are mentally competent. This flexibility makes it a popular option for individuals who want to retain control and make changes whenever their circumstances or estate planning goals change. The primary purpose of a Missouri Living Trust — Revocable is to avoid probate, which is the legal process of settling a person's estate after their death. By transferring assets into the trust, the Granter ensures that they pass directly to the named beneficiaries without the need for probate court involvement. This not only saves time and money but also provides privacy as the trust administration remains confidential. Additionally, a revocable living trust enables the Granter to plan for incapacity or disability by appointing a successor Trustee who can step in and manage the trust assets on their behalf. This ensures seamless asset management without the need for court-appointed conservatorship. There are different types of Missouri Living Trust — Revocable that individuals can consider based on their specific needs and objectives. Some variations include: 1. Individual Revocable Living Trust: Created by a single person for the management and distribution of their assets. 2. Joint Revocable Living Trust: Established by a married couple, allowing them to merge their assets into one trust. This provides convenience and ease of administration, especially for shared or joint assets. 3. Testamentary Revocable Living Trust: Created within a will and only becomes effective upon the granter's death. This trust enables individuals to have more control over the distribution of their assets after death while still benefiting from the flexibility of a revocable living trust during their lifetime. In conclusion, a Missouri Living Trust — Revocable is a versatile and customizable estate planning tool that offers flexibility, privacy, and ease of asset management. With different types available, individuals can choose the most suitable option to meet their unique needs and goals.
