Legacy Planning for Missouri Residents in 2024
Key Takeaway: A Living Will is a legal document that instructs a judge how to distribute assets and property to your heirs. Meaning, a Will has to be reviewed through the probate process. A Trust, with its appointed Trustee, allows for a smoother and more private distribution of your hard-earned property.
Don’t let all your hard work go to waste – make sure you have a plan in place that truly protects your legacy. For this informative article, The Resource Center has partnered with a local firm to break down the differences between a Living Will and a Trust, helping you make informed decisions about your estate planning.
Living Will vs Trusts
Have you ever stopped to think about what would happen if you were suddenly gone? The thought may be unsettling, but it’s a reality that we must all face. How would your loved ones cope without you? Would they have the tools and support they need to get through such a difficult time? It’s never too soon to start planning for the unexpected.
How Does a Last Will & Testament Work (Living Will)?
Simply put, a Living Will describes how you would like your property and other assets to be distributed to your family. Some of the things that you may dictate in your Will include:
- Real Estate
- Cash
- Business interests
- Family heirlooms
- Jewelry or antiques
- Other property
You may also use it to nominate the guardians for your children, dependents, or even pets – with the caveat that they may be placed in a foster home until the Will has finished the probate process.
How Does a Trust Work?
A Trust is a legal arrangement that specifies exactly how and when assets can pass to the beneficiaries. For example, a Trust can be set up to provide for your children’s education expenses or ensure a family member with special needs is provided for the rest of their life. Unlike a Will, a Trust does not have to go through probate, so your assets can be distributed much quicker and without as much hassle.
One of the key differences between a Will and a Trust is that a Trust allows you to maintain control over how your assets are distributed even after you pass away. You can set specific conditions for when and how your beneficiaries receive their inheritance, such as reaching a certain age or accomplishing a certain goal.
Do You Need a Will if You Have a Trust?
A Will is a necessary part of Estate Planning, but only the first step. In Missouri, a Trust is highly recommended. Both legal documents serve important functions in estate planning, but they have distinct differences in how they operate and the level of control they provide over the distribution of your assets. There are other elements of an estate plan explained further in our article ‘5 Types of Estate Planning.’
Do You Need a Trust if You Don’t Have Many Assets?
There are many factors that go into an Estate Plan that may surprise you. For example, a Will (on its own) is a public document. This means that anyone can look up the contents of your Will and see who you left your assets to, how much you gave them, and what other provisions you made.
Regardless of the size of your estate, a Trust can be a valuable tool in ensuring your wishes are carried out with discretion and efficiency. And on that note, let’s dive into other factors to consider for your Estate Plan.
Strengths of Having a Trust:
🛡️ Asset Protection
🏡 Preserving Family Assets
⚠️ Incapacity Planning
🤸 Flexibility
👀 Privacy
✨ Estate Administration Efficiency
Ultimately, consulting with a licensed estate planning attorney can help you navigate the complexities of Wills and Trusts to create a comprehensive plan that protects your assets and provides for your loved ones according to your exact wishes.
Remember, the key to effective estate planning is careful consideration, professional guidance, and proactive decision-making.
Sign up for a FREE Estate Planning Workshop
Join us at The Resource Center for an informational and empowering event, designed to educate you on ways to help control your financial future, protect your hard-earned savings and be financially confident.
During this meeting, topics discussed will include:
- Advantages and disadvantages of a Will and Living Trust.
- Legal strategies for preserving your assets and your family’s inheritance from creditors, divorce, and lawsuits.
- Ways to provide for special needs (disabled) children and grandchildren.
- Options to gift your assets and why putting property in children’s names may be a mistake.
- The latest laws and qualifications for Medicaid and Veterans Aid.
The Attorney-led estate planning workshop occurs monthly and is 1-hour long. There is no obligation involved when you come, and keep in mind that there is limited seating available.
With a focus on estate planning, this workshop is an excellent opportunity for attendees to connect with an experienced estate attorney and explore a range of estate planning resources.
Catch Bruce Porter’s show Dollars & $ense Tuesdays at 3 pm on KOLR’s Ozarks Live. This radio show is a paid placement.
👉 Visit our YouTube page for more tips
Let’s Connect!
✅ Facebook: Check Us Out!
✅ Instagram: Join the Fun
✅ Twitter: Connect
✅ YouTube: Videos Here
The Resource Center, Inc. has a strategic partnership with tax professionals and attorneys who can provide tax and/or legal advice. Investment advisory products and services made available through AE Wealth Management, LLC (AEWM), a Registered Investment Advisor. 02416167 – 06/24
