» » Missouri Living Trust Forms – Irrevocable & Revocable

Missouri Living Trust Forms – Irrevocable & Revocable

The Missouri living trust is a legal document which is used to make arrangements for a person’s estate if they die or become incapacitated. The advantages to a living trust are that it avoids probate, keeps the estate’s divestment private, and can protect the estate from further litigation or creditors. In order for a living trust to be effective, the creator (the Grantor) must put most or all of their property and assets into the trust’s name. The trust document will contain instructions of how the trust’s assets are to be handled during the Grantor’s lifetime and after their death. This provides the additional assurance that should any unfortunate event occur, the Grantor has made arrangements for their affairs to be carried out according to their wishes.

Laws – Chapter 456 (Trusts and Trustees–The Uniform Trust Code)

Registration (§ 456.027. 1) – A living trust can be registered at the appropriate Local Circuit Court.

Will (Last Will and Testament) – A Will should be used to divest any property which is not included in the living trust. Any assets placed in a Will will undergo probate.

Individual Roles

Grantor – This is the person who creates the trust.

Trustee – The person in charge of the trust. During the Grantor’s lifetime, they will often appoint themselves as Trustee.

Successor Trustee – In such an event that the Trustee dies or is incapacitated, the Successor Trustee will become the Trustee.

Beneficiaries – As described in the living trust, all included assets will be distributed to the Beneficiaries in the event of the Grantor’s death or incapacity.

Types

Irrevocable – In addition to avoiding probate, an irrevocable trust has the added benefits of providing asset protection and avoiding estate taxes. Once created, it cannot be revoked or amended.

Revocable – A revocable trust bypasses the probate process and can be revoked or amended by the Trustee.

How to Make a Living Trust in Missouri

The creation of a living trust requires that the creator drafts a trust document which provides information regarding who is the appointed Trustee, the assets that are to be included, and who the Beneficiaries are. The trust comes into effect as soon as it is signed, preferably in the presence of a Notary Public. In accordance with § 456.027.1456.029, a living trust can be registered with the probate division of the county circuit court by presenting a copy of the trust document and indicating the name and address of the trustee. All of the assets listed as property of the trust must be legally transferred into the trust’s name in order for it to be totally effective.

Motor Vehicles – If a car or other vehicle is to be placed into the trust, a bill of sale must be completed and the vehicle title put in the name of the trust. You can transfer the title through the Missouri DMV.

Real Estate – To transfer real estate into the trust, the Grantor will need to fill out a Missouri Deed in the trust’s name, have it notarized, and submit it to their County Recorder of Deeds.

Do I Need a Living Trust?

In Missouri, the courts have not adopted the Uniform Probate Law, so the probate process will often be long and expensive. The only way to avoid probate aside from a living trust, is if the estate in question is valued at $40,000 or less. With an estate of this size, the inheritor can file a Small Estate Affidavit with the probate court associated with the decedent’s jurisdiction in order to transfer estate ownership without probate. If your estate is larger than this, a living trust is the only available option to bypass probate court proceedings. Other benefits of a living trust are that it keeps the divestment of an estate private and that it can protect the trust estate from creditors. You should consult with a legal professional if you are unsure as to whether a living trust will be cost-effective for you.

Resources


ABOUT SSL CERTIFICATES