This form is a living trust form prepared to comply with the current Missouri statutes. 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.
This particular revocable living trust is created by a husband and wife to benefit them during their lifetimes and their children upon their death. A Living Trust is a legal document that allows individuals to plan the distribution of their assets and avoid probate after their passing. Lee's Summit, Missouri offers various types of Living Trusts designed specifically for Husband and Wife with Minor and/or Adult Children. 1. Revocable Living Trust: A Revocable Living Trust in Lee's Summit, Missouri is a common option for couples with minor or adult children. It allows the granters, typically husband and wife, to maintain control over their assets during their lifetime, while also defining how their assets will be managed and distributed after their passing. Unlike a Will, a Revocable Living Trust generally avoids probate, saving time and costs. 2. Irrevocable Living Trust: An Irrevocable Living Trust is another option available for couples in Lee's Summit, Missouri. Unlike a Revocable Trust, an Irrevocable Trust cannot be altered or amended once it is created. This type of trust offers potential tax benefits and can provide additional asset protection. It may be suitable for couples who want to protect assets for their minor or adult children from creditors or future estate taxes. 3. Testamentary Trust: A Testamentary Trust is established through a Will and becomes effective upon the passing of the granters. This type of trust is often suitable for couples with minor children as it allows them to name a trustee who will manage and distribute assets on behalf of the children until they reach a specified age or milestone, as determined by the granters. A Testamentary Trust ensures that the assets are protected and used for the benefit of the children according to the granters' wishes. 4. Special Needs Trust: A Special Needs Trust caters to couples with adult children who have special needs or disabilities. This trust is designed to provide for the special needs' child's care and support while preserving their eligibility for government benefits such as Medicaid or Supplementary Security Income (SSI). In Lee's Summit, Missouri, a Special Needs Trust can help ensure that the adult child continues to receive the necessary care and support throughout their life without jeopardizing their public assistance. In conclusion, Lee's Summit, Missouri offers various types of Living Trusts for Husband and Wife with Minor and/or Adult Children. These options include Revocable Living Trusts for flexibility and avoidance of probate, Irrevocable Living Trusts for added tax benefits and asset protection, Testamentary Trusts for minor children, and Special Needs Trusts for adult children with disabilities. Consulting with an experienced attorney in Lee's Summit can provide further guidance and assistance in determining the most suitable living trust for a couple's specific needs and circumstances.A Living Trust is a legal document that allows individuals to plan the distribution of their assets and avoid probate after their passing. Lee's Summit, Missouri offers various types of Living Trusts designed specifically for Husband and Wife with Minor and/or Adult Children. 1. Revocable Living Trust: A Revocable Living Trust in Lee's Summit, Missouri is a common option for couples with minor or adult children. It allows the granters, typically husband and wife, to maintain control over their assets during their lifetime, while also defining how their assets will be managed and distributed after their passing. Unlike a Will, a Revocable Living Trust generally avoids probate, saving time and costs. 2. Irrevocable Living Trust: An Irrevocable Living Trust is another option available for couples in Lee's Summit, Missouri. Unlike a Revocable Trust, an Irrevocable Trust cannot be altered or amended once it is created. This type of trust offers potential tax benefits and can provide additional asset protection. It may be suitable for couples who want to protect assets for their minor or adult children from creditors or future estate taxes. 3. Testamentary Trust: A Testamentary Trust is established through a Will and becomes effective upon the passing of the granters. This type of trust is often suitable for couples with minor children as it allows them to name a trustee who will manage and distribute assets on behalf of the children until they reach a specified age or milestone, as determined by the granters. A Testamentary Trust ensures that the assets are protected and used for the benefit of the children according to the granters' wishes. 4. Special Needs Trust: A Special Needs Trust caters to couples with adult children who have special needs or disabilities. This trust is designed to provide for the special needs' child's care and support while preserving their eligibility for government benefits such as Medicaid or Supplementary Security Income (SSI). In Lee's Summit, Missouri, a Special Needs Trust can help ensure that the adult child continues to receive the necessary care and support throughout their life without jeopardizing their public assistance. In conclusion, Lee's Summit, Missouri offers various types of Living Trusts for Husband and Wife with Minor and/or Adult Children. These options include Revocable Living Trusts for flexibility and avoidance of probate, Irrevocable Living Trusts for added tax benefits and asset protection, Testamentary Trusts for minor children, and Special Needs Trusts for adult children with disabilities. Consulting with an experienced attorney in Lee's Summit can provide further guidance and assistance in determining the most suitable living trust for a couple's specific needs and circumstances.
