Laurie A. Knight, Attorney At Law Classic Solutions | Life-Long Results

Trusts Attorney in Chesterfield

Skilled Representation throughout St. Louis County

A revocable trust is a great tool for estate planning. If properly drafted and funded, the trust can avoid probate. It is private and provides the grantor the flexibility to add and subtract assets as he or she sees fit.

If you are interested in setting up a trust but need legal advice or assistance, Laurie A. Knight, Attorney at Law, LLC can help. Chesterfield estate planning attorney Laurie A. Knight has extensive experience helping clients found and manage trusts. She has a wealth of knowledge regarding the benefits of trusts and knows how to properly handle any roadblocks you may encounter.

To learn more about the benefits of trusts, call (636) 200-5533 and schedule a consultation with Laurie.

How Does a Trust Work?

A trust has a grantor, a beneficiary, and a trustee. A grantor is the person who creates the trust. The beneficiary is the person who receives the property of the trust. A trustee is the person who manages the property of the trust. A trustee has fiduciary duties to the beneficiary. Basically, a fiduciary duty is to act in another’s best interest.

Many revocable living trusts have a grantor who is also the beneficiary of the trust during his or her lifetime. In other words, the grantor receives all the benefits of the property of the trust while living. The grantor has named another individual to be the beneficiary upon the grantor’s death. Also, the grantor can act as the trustee of the trust during his or her lifetime, and upon the grantor’s death another individual named as a successor trustee becomes responsible for the assets of the trust.

A revocable trust means that the grantor can revoke or amend the trust document. This provides the grantor with the flexibility to change the document as his or her life changes. For example, a grantor can name a different successor trustee if the prior successor trustee predeceases him/her. If the entire document no longer meets the grantor’s needs or goals, the entire document can be revoked.

Funding a Trust

A trust must contain assets to be a valid trust. This is called funding the trust. To fund the trust, property must be titled to the trust. It is advisable to speak with an attorney to decide which assets should fund the trust. The types of assets that can fund the trust are real estate, cash, personal property, bank accounts, money market accounts, and stocks, among others. As new assets are acquired by the grantor, the assets can be directly transferred to the trust upon acquisition.

The Benefits of a Trust

A trust has many benefits. One major benefit is providing for the care of minor children. The parents’ assets that fund the trust can be used for the health, welfare, support, and education of the minor child. Further, the parents can decide at what age it is appropriate for the children to manage their own inheritance. Many children mature at varying rates. Not every 22-year-old has the same maturity level. A parent can decide that the trust will terminate once the child reaches 40 years of age, for example.

Another benefit of a trust is asset protection. A carefully drafted trust can prevent a beneficiary’s creditors from receiving any of the trust assets so long as the assets are held in the trust. However, once the asset is taken out of the trust, the beneficiary’s creditor can have access to it. Therefore, some grantors choose to have lifetime trusts for their children in order to protect assets.

Finally, some grantors choose to create a trust for estate tax planning. The trust can help avoid or minimize certain tax liabilities that the grantor wants to avoid.

If you are interested in setting up a trust, call Laurie A. Knight, Attorney at Law, LLC at (636) 200-5533.

Why Choose Attorney Laurie Knight?

  • Free Consultation

    Every initial consultation is free of charge. No hidden fees!

  • Extensive Experience

    Attorney Knight has been perfecting her legal practice for over a decade.

  • Excellent Work Ethic

    Attorney Knight handles each case with respect and the utmost diligence.

  • Flexible Appointment Schedules

    Attorney Knight is available when YOU need help. All appointment times are flexible.

  • Personal Approach

    Every case is personal and no client is left in the dark.

  • Classic & Professional

    Attorney Knight values professionalism and integrity with every case and every client.

Contact Us Today!

How to Reach Us 636.200.5533 13321 N. Outer 40 Road, Suite 500
Chesterfield, MO 63017 Map & Directions [+]
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