Probate & Trust Administration

What is probate?

Probate is a statutorily designed process to ensure that all your creditors are paid and all assets pass to your heirs upon your death.
Probate can occur when anyone with assets in their sole name:
1) Dies without a will
2) Dies with a will

 

Why Do I Want to Avoid Probate?

Your will and all of your assets and debts become a matter of public record.
Unless EVERYTHING you own goes through probate, your planning is "imperfect".
Time consuming.
Expensive.

 

Common Probate Avoidance Techniques

Own all assets jointly.
Name beneficiaries on all insurance policies, IRAs, 401Ks, 403Bs, and annuities.
Put Transfer on Death ("TOD") or Payable on Death ("POD") designations on all assets.
Put assets in a trust.

 

What is a Trust?

While there are many different types of trusts, the most common type of trust is a "Revocable Living Trust".
Think of a Revocable Living Trust as a bucket that holds all your assets during your life and upon your death all assets in the bucket are poured out to the people or entities you select.

 

Will vs. Trust?

 

Will-Based

Estate Plan

Trust-Based

Estate Plan

Probate Avoidance

 

X

Reduction of Estate & Generation Skipping Tax

X

X

Provide for Disabled or Minor Beneficiaries

X

X

Provide Asset Protection for Beneficiaries

X

X

                       

 

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16401 Swingley Ridge Road, Suite 110
Chesterfield, Missouri 63017
T. (636) 489-4404
F. (636) 489-1747

 

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