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Chesterfield, MO 63017
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Studies show that adults who receive an inheritance in the form of an outright bequest save only about half of what they receive, while spending, donating or losing the rest. One in five of those receiving an inheritance spend or lose it all. More than one-third of all inheritors see a decline or no change in their wealth after getting an inheritance.
These statistics are sobering. But by leaving your heirs their inheritance in an asset protection trust, you can help them save more and lose much less. An asset protection trust leaves the funds in trust rather than an outright bequest. By leaving the funds in trust, your beneficiary can access those funds for health, education, maintenance and support. However, if properly managed, such funds are not subject to creditor claims or the claims of ex-spouses. By protecting the funds in this way, you can leave a legacy to your heirs that can last the course of their lifetimes and be available well into their retirement years.
Trusts are a good vehicle for those who wish to save money, time, and the publicity of probate.
A Trust takes effect not only upon the Grantor's death, but also upon the incapacity or disability of the Grantor (the person making the Trust). Unlike with a Will, the successor Trustee can take charge of and administer the assets immediately upon the Grantor's death or disability, avoiding the long wait time often associated with probate.
The Trust is also a private document. It does not have to be filed with any Court, agency, body, or person. The contents of the Trust are only available to a narrow class of persons directly related to the Trust. Generally speaking, Court approval is not required
in order for the trustee to act.
A Trust can generally be set up for a flat fee which is a fraction of the cost of administering a probate estate. Once established, the cost of administering a Trust is relatively minor compared to that of administering a probate estate.
no matter how much or how little work is required in administering the estate. Furthermore, a probate estate created by a Will takes time to administer, as it must be kept open for a minimum of 6 months for creditors to make claims. This can greatly limit the funds your loved ones can access during this time frame.
A Will takes effect only upon the death of the Testator (the person making the Will). It does not provide for circumstances where the Testator is incapacitated or disabled.
When the Testator dies, the Will must be filed with the Probate Court in the County where the Testator resided. Once filed, it becomes a public record. Anyone can go to the Courthouse or log onto the Missouri Courts' system and learn the value of the estate, as well as the heirs who will inherit the estate.
A Will is also very costly to administer. For an estate valued at $500,000, the statutory attorney's fee would be approximately $42,000. This statutory fee does not change
"Where there's a will, there's a way, as the saying goes. In probate law, however, unless the will is as prescribed by statute, there is no will - no way." State ex rel. Unnerstall v. Berkemeyer, 298 S.W.3d 513 (Mo. 2009).