Living Trust Missouri
Living trusts, named so because they are created while the person is still alive, are valuable estate planning tools that can be used to transfer assets to specific beneficiaries, as per the wishes of the trust’s author.
We’re prepared to aid you in your estate planning by offering a guide to living trusts vs. wills, the reasons to pick a living trust, the specifics of living trusts in Missouri, and how DoNotPay can simplify the process for you.
Living Trusts vs. Wills: Why Opt for a Trust in Missouri?
Both wills and trusts offer people the opportunity to pass on their assets to specific beneficiaries. However, the upside of a living trust is that it allows one to bypass the legal process called probate, which takes place after the will’s author has died to finalize the distribution of assets.
Missouri does not utilize the uniform probate process, so probate can be even more lengthy and complicated. It is worth noting that estates less than $40,000 USD qualify for a small estates procedure, which can be faster than utilizing a living trust.
Trusts, on the other hand, aren’t required to go through probate court. They become active as soon as they are signed and notarized. Furthermore, individual states, as noted for the case of Missouri, have their own individual probate processes. If you own property in multiple states, a trust will prevent you from having to go through multiple probate procedures. If you live in Missouri and your estates are worth more than $40,000, a will can subject your beneficiaries to a long probate process as well. If this is the case, consider creating a living trust instead.
How to Set-up a Living Trust in Missouri
- Choose between a revocable or irrevocable trust.
- Revocable trusts: can be modified at any time before the grantor’s death
- Irrevocable trust: extremely difficult to make changes
- Identify and create a list of your assets, and a list of your beneficiaries. You’ll be mapping out which assets go to which beneficiaries, which will become instructions for your successor trustee to carry out. If you finish your list of assets to transfer to specific people, or wish to simply split your assets among a certain set of people, you can make them residuary beneficiaries. They will receive a portion of whatever is left. Gather the deeds for each property that are going into your trust.
- Name your successor trustee and backup/alternate successor trustee. You can also name co-trustees that either split the job evenly, or have specific duties detailed in the trust agreement. It is their job to:
- Manage your assets and make sure each asset transfer goes to the correct beneficiary
- Be impartial and treat each beneficiary fairly
- Not use the assets to their own gain
- Not benefit themselves from any of the assets
- Keep detailed records
You should note that if there are any properties or assets not included in the trust, they will be transferred to your closest relative, according to Missouri state law.
Options for Creating a Living Trust
You have multiple options available to you when creating a living trust. Before you begin, see our table below for each option and what they offer:
|COST||EFFICIENCY||TYPE OF TRUST||RELIABILITY|
|Contacting a lawyer||Living trust attorneys can charge per hour. You’ll be spending around $200-$2000 for the document itself||You may need to make multiple appointments and the process can take up to 6 months||Revocable or irrevocable trusts||Very reliable|
|Do It Yourself||Free||Time-consuming||Best for revocable trusts||Varies|
|Online Template||Can be $0-$100, depending on the site||Depends on the website||Revocable trusts recommended||The reliability of these vary, but this one can serve as a good choice|
|DoNotPay||DoNotPay costs $36 every three months. You can cancel at any time||Efficient||Best for revocable trusts||Very reliable|
Create a Revocable Living Trust with DoNotPay
Our chatbot will make your life easier and help you set up your trust with a few questions! The steps below are all that’s required to have your living trust created. Bypass paying hefty legal fees for the same service today by:
- Create a DoNotPay account
- Go to the Revocable Living Trust product
- Assign your trustee and secondary trustees
- Tell us who your beneficiaries are
- Provide the state you will get the document notarized in
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- Cancel any subscription or service
- Create college fee waivers
- Get defamation demand letters
- Find and claim unclaimed property in your name