Appleby Healy Law

  • Home
  • Our Story
  • Attorneys
  • Law
    • Estate Planning
    • Real Estate Transactions
    • Probate & Guardianship
    • Family Law
  • Blog
  • Contact
  • Free Estate Consult

Living Trusts – Plan with Your Family in Mind

Why not make a plan for your estate that protects your assets for your beneficiaries? With a will, your assets will have to go through the process of Probate before they can be transferred to your beneficiaries. A will simply forces your estate into Probate, a process that is both lengthy and expensive for your beneficiaries.

Probate is a court process that performs a number of functions when someone passes with only a will to transfer their estate. First, the court validate the will, and after validating the will identifies and takes inventory of the deceased person’s property. The attorneys for the probate estate have the property appraised, and then pay debts and taxes that are owed. Finally, the Court distributes the remaining property as the will directs. This is a long, expensive, and very public process that can take an emotional toll on your loved ones already mourning a loss.

So, how do you still manage to protect your assets and avoid probate? That’s simple: a living trust. A living trust is more beneficial than a will in four ways.

One: It avoids probate.

Avoid the long and expensive process? You bet! This means faster distributions of your belongings to your loved ones. Your successor trustee will be the person in charge of paying your debts and distributing your belongings instead of the courts. The best part is that your things will be distributed exactly as you intend. Additionally, probate fees are statutory and can be as high as six percent of your total estate. Those fees can be avoided with a living trust.

Two: It plans for taxes.

Federal estate and inheritance taxes can drain what money you have left behind for your loved ones. Living trusts can provide a plan that will mitigate or avoid these taxes altogether.

Three: It avoids the mess.

By setting up a living trust, you can decide who gets what, when they receive it, and how they receive it. This keeps things from getting messy for your family after you are gone. A family needs each other when experiencing a loss, and the stress of separating belongings and money left behind can drive a family apart – not to mention the costly probate process that will most likely occur without a plan.

Four: It protects your beneficiaries.

When your beneficiaries are minors, make sure you plan for them financially but also protect them. Minors are not usually responsible enough to manage their inheritance wisely. They are young and chances are, very capable making bad financial decisions. You want to know they are protected and being watched over. A living trust allows you to name a person who will be financially responsible for your beneficiary’s finances until they are capable of doing so themselves. Ensuring they are able to use the money as you have intended.

You’ve worked hard your entire life to make sure your family is provided for. The last thing you want to do is leave them with a mess. By having a living trust you are ensuring that your family and your assets are going to be protected no matter what. If you don’t have a living trust and are interested in looking into your options, we can help. We will take the time to get to know your family and tailor a plan that will work best for you. Give us a call at 417.581.2411  for more information.

We'd like to hear from you.

Contact Us

Appleby Healy Attorneys at Law

Since 1924, Appleby Healy has served families throughout southwest Missouri. You can find us at our office, located in Ozark, or meet with us in Bolivar by appointment. Let us know how we can help you.

OZARK

119 N 2nd Street
Ozark, MO 65721
TEL 417. 581. 2411
FAX 417. 581. 2447

BOLIVAR

By Appointment Only
Bolivar, MO
TEL 417. 581. 2411
FAX 417. 581. 2447

Legal Disclaimer: This Website is provided by Appleby Healy, Attorneys at Law, P.C.. This Website is for informational purposes only. The information available through the Website is the property of Appleby Healy, Attorneys at Law, P.C and all rights are reserved. The information presented at this site should not be construed to be formal legal advice. Always consult with qualified legal counsel prior to implementing any estate plan.

Free Consultation Info: FREE CONSULTATION APPLIES TO ESTATE PLANNING APPOINTMENTS ONLY.

Copyright © 2019