Revocable Living Trusts are fantastic resources for many reasons. Perhaps the most obvious and most common reason that individuals utilize Revocable Living Trusts is because trusts allow individuals to pass property to their loved ones at the time of their death and avoid the hassles of probate (so long as the property is properly titled into the trust at death).
Revocable Living Trusts also allow individuals to put restrictions on when children or other heirs are to receive property. In Missouri, the age of majority is 18. Parents or Grandparents can specify, in a Trust document, at what age and/or under what circumstances they would like their heirs to receive their property. At The Haggerty Law Firm it is very common for parents to have restrictions on children receiving their inheritance until they have completed college or until a specific age. It is not uncommon for clients of The Haggerty Law Firm to choose for their children to not receive their inheritances until the ages of 25, 30 or 35. The Haggerty Law Firm even saw one trust where the heirs would not receive the trust proceeds until they obtained the age of 55!
Another fantastic advantage to a Revocable Living Trust is guardianship/conservatorship clauses. Most of the time in order to obtain guardianship/conservatorship over a person or their finances one needs to obtain a court order and attend a hearing. This can be very costly and time consuming. However, if one has made a Revocable Living Trust Agreement, there can be guardianship/conservatorship provisions in the document. This can save much time, money and headaches down the road.
There are many other types of trusts other than Revocable Living Trusts. However, Revocable Living Trusts are the most common. At The Haggerty Law Firm we can help you with all of your trust needs and questions.