This form is a living trust form prepared for your state. It is for an individual who is either single, divorced or widowed with one or more children. A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. The trust then owns and manages the property held by the trust through a trustee for the benefit of named beneficiary, usually the creator of the trust (settlor). The settlor, trustee and beneficiary may all be the same person. In this way, a person may set up a trust with his or her own assets and maintain complete control and management of the assets by acting as his or her own trustee. Upon the death of the person who created the trust, the property of the trust does not go through probate proceedings, but rather passes according to provisions of the trust as set up by the creator of the trust.
Keywords: Kansas City Missouri living trust, individual, single, divorced, widow, widower, children Title: Types of Kansas City Missouri Living Trusts for Individuals Who are Single, Divorced, or Widowed with Children Description: If you are an individual residing in Kansas City, Missouri, who is single, divorced, or widowed with children, planning your estate is essential to ensure your assets are protected and your loved ones are cared for financially. A living trust is an excellent tool that allows you to distribute your assets and avoid probate. In this article, we will discuss various types of living trusts available for individuals in your situation. 1. Revocable Living Trust: A revocable living trust is the most common choice for individuals who are single, divorced, or widowed with children. With this trust, you maintain complete control over your assets during your lifetime. You can modify or revoke the trust at any time depending on your changing circumstances. Upon your death, the trust assets are seamlessly transferred to your chosen beneficiaries, avoiding the probate process. 2. Irrevocable Living Trust: An irrevocable living trust offers enhanced asset protection and tax benefits. Once you create this trust, you surrender control over your assets, making it an ideal option for individuals who want to safeguard their wealth for their children or heirs. Although you cannot change or revoke this trust once established, it provides robust protection against creditors, potential lawsuits, and estate taxes. 3. Testamentary Trust: A testamentary trust is established through a will and becomes effective only after your demise. This trust allows you to provide financial support and supervision for your minor children or dependents. By naming a trustee, you ensure that your children's inheritance is managed and distributed according to your wishes. 4. Special Needs Trust: If you have a child with special needs, a special needs trust provides protection for their government benefits while providing for their future. The trust is structured in a way that the assets are not considered as a resource, thus ensuring eligibility for any government assistance programs they may be entitled to. 5. Charitable Remainder Trust: For individuals who wish to donate a portion of their assets to charities while generating income during their lifetime, a charitable remainder trust is an excellent option. This trust allows you to receive income from the trust while benefiting your chosen charitable organizations upon your death. By consulting with an experienced estate planning attorney in Kansas City, Missouri, you can determine the best living trust for your specific circumstances. They will guide you through the process, ensuring your wishes are legally documented and your loved ones are provided for, offering you peace of mind.Keywords: Kansas City Missouri living trust, individual, single, divorced, widow, widower, children Title: Types of Kansas City Missouri Living Trusts for Individuals Who are Single, Divorced, or Widowed with Children Description: If you are an individual residing in Kansas City, Missouri, who is single, divorced, or widowed with children, planning your estate is essential to ensure your assets are protected and your loved ones are cared for financially. A living trust is an excellent tool that allows you to distribute your assets and avoid probate. In this article, we will discuss various types of living trusts available for individuals in your situation. 1. Revocable Living Trust: A revocable living trust is the most common choice for individuals who are single, divorced, or widowed with children. With this trust, you maintain complete control over your assets during your lifetime. You can modify or revoke the trust at any time depending on your changing circumstances. Upon your death, the trust assets are seamlessly transferred to your chosen beneficiaries, avoiding the probate process. 2. Irrevocable Living Trust: An irrevocable living trust offers enhanced asset protection and tax benefits. Once you create this trust, you surrender control over your assets, making it an ideal option for individuals who want to safeguard their wealth for their children or heirs. Although you cannot change or revoke this trust once established, it provides robust protection against creditors, potential lawsuits, and estate taxes. 3. Testamentary Trust: A testamentary trust is established through a will and becomes effective only after your demise. This trust allows you to provide financial support and supervision for your minor children or dependents. By naming a trustee, you ensure that your children's inheritance is managed and distributed according to your wishes. 4. Special Needs Trust: If you have a child with special needs, a special needs trust provides protection for their government benefits while providing for their future. The trust is structured in a way that the assets are not considered as a resource, thus ensuring eligibility for any government assistance programs they may be entitled to. 5. Charitable Remainder Trust: For individuals who wish to donate a portion of their assets to charities while generating income during their lifetime, a charitable remainder trust is an excellent option. This trust allows you to receive income from the trust while benefiting your chosen charitable organizations upon your death. By consulting with an experienced estate planning attorney in Kansas City, Missouri, you can determine the best living trust for your specific circumstances. They will guide you through the process, ensuring your wishes are legally documented and your loved ones are provided for, offering you peace of mind.
