Using A Trust To Accomplish Your Goals
When planning your future, a will may not satisfy all estate planning needs; indeed, in some instances, a will may not cover all estate distribution eventualities. In those circumstances, a trust is well-advised.
At the Law Office of Stephen A. Martin, we have been drafting trusts — assuring that your investments are protected upon your death — for more than 30 years.
Call 636-487-4097 to arrange a confidential consultation. From our office in St. Charles, we serve clients throughout the St. Louis metro area.
A Trust Can Help You Avoid Probate
A simple will necessitates probate — sometimes an expensive and time-consuming process. In addition, a will generally has fewer possibilities for asset distribution than does a trust. For example — you have a family farm or cottage that you wish to have your heirs use, but you fear that they may sell it, and your intention is that it remain for a generation or two to use.
By placing this property in trust, you may stipulate the conditions for use and maintenance, and even later inheritance upon a certain life event — for example, upon your youngest grandchild reaching the age of 30.
Other Benefits Of Trusts
If you have a child or other heir whom you wish to protect financially, a trust supplies a steady source of income that does not affect that child’s ability to receive government services such as Medicaid. Because the assets are held in trust, and are not owned by the child, he or she will still be able to receive the medical care that he or she needs.
Similar situations occur with the elderly. A trust effectively eliminates an elderly person’s home from seizure due to a sudden need for long-term care. If the home was placed in trust five years before a Medicaid application, there will be no Look Back from the government.
Contact us for an evaluation from an experienced Missouri lawyer of how a trust could benefit you.