The Importance of Having a Trust 

Life is unpredictable, and while it is difficult to think about, planning for the future is important. It is essential to be as prepared as possible by creating your estate plan. A trust is a useful estate planning tool that can help take care of your family in ways that a will cannot. Consider how to maximize your estate plan and the possibility of establishing a trust for the benefit of your family.  

At my firm, David W. Walker, Attorney At Law, I will help you understand your options when it comes to trusts for your family. I have over 30 years of experience in Missouri law, and I am dedicated to answering all of your questions thoroughly. I strive to make complex legal matters easy to understand for my clients. I proudly represent clients in Columbia, Missouri, as well as those in Jefferson City, Fulton, and Boonville.   

What Is a Trust?  

A trust is a relationship where one individual (the guarantor) gives another (the trustee) the ability to manage their assets in certain events. Those events might be the guarantor’s passing or incapacitation that leaves them unable to express their wishes. The trustee is responsible for distributing the assets of the trust to its beneficiaries.   

Revocable Trusts 

A revocable trust, which is also known as a living trust, is created and administered by the guarantor while that person is still alive. A revocable trust may be changed, terminated, or revoked at any time. Consult with an estate planning attorney to learn if a revocable trust will be the best option for your situation. 

Irrevocable Trusts 

An irrevocable trust cannot be changed or revoked without the permission of the beneficiaries. The guarantor will also not be required to pay taxes on an irrevocable trust. 

The Benefits of Having a Trust 

There are several key reasons why it’s important to have a trust. A trust allows you to organize your business and personal affairs to draw the line between what will be distributed to business partners and what will be distributed to the family. You could even distribute business assets to family members. It also allows you to dictate how your property should be administered.  

Another key benefit of a trust is that it allows the assets included in your trust to avoid the probate process, which can be lengthy and expensive. The probate process can also be very public. With a trust, you can keep your estate private. Your assets will also be distributed to your beneficiaries more quickly with a trust.  

Trusts are also especially useful because they can pay medical bills or be used to provide scholarships for family members. 

How an Attorney Can Help You Determine Which Trust Is Right For You 

An estate planning attorney can help you determine whether a revocable or irrevocable trust would be more beneficial in your situation. By looking at a complete picture of all of your assets and considering your wishes for your beneficiaries, an estate planning attorney can help you choose the best option and create a legally-enforceable trust. 

Protect Your Assets & Plan for Your Future 

It is never too early to think about the legacy you will leave behind. By establishing your trust now, you can determine which type of trust will ensure the maximum benefits for your family. I want to help you understand the tax implications and benefits of different types of estate plans. My firm, David W. Walker, Attorney At Law, proudly represents clients in Columbia, Missouri, Jefferson City, Fulton, and Boonville. Contact me today to schedule a free consultation.