A Trust Gives Your Family a Plan to Follow
A revocable living trust puts a plan in place that can work without a court. If you own a home, investment accounts, bank accounts, or vehicles, a properly funded trust can help your family skip probate and keep your affairs private.
Experienced Missouri Estate Planning Counsel
If you own property in Missouri, you need a will. Attorney Bruce Galloway brings nearly three decades of legal experience, including probate court matters dating back to 1996, to help families create effective estate plans.
How a Revocable Living Trust Protects Your Family
You create the trust and name yourself as trustee, so nothing changes in how you use your property. You can amend or cancel the trust whenever you choose. You also name a successor trustee, who steps in if you become unable to manage your affairs or after you pass away. Here is what a properly funded trust can do for you.
Avoid Probate
Assets titled in your trust generally pass to your beneficiaries without court involvement, which can save your family time and stress.
Plan for Incapacity
If you become unable to manage your affairs, your successor trustee can step in right away, without a guardianship or conservatorship.
Keep Your Affairs Private
Probate is public record. A trust keeps the details of what you own and who receives it out of the public eye.
Stay in Control
You manage your property as trustee, and you can change or cancel the trust at any time while you are alive and have capacity.
Decide Who Gets What, and When
You can set conditions, such as releasing funds to a young beneficiary in stages instead of all at once.
Protect Your Blended Family
If you have a second spouse or children from a prior relationship, a trust lets you spell out exactly how you want each person provided for.
Reduce Conflict
Clear, written instructions leave less room for guessing and disagreements after you are gone.
Update as Life Changes
Marriage, divorce, a new child, or a major purchase can all be reflected in an amendment.
What We Put in Your Trust
We keep our trust work simple on purpose. Bruce Galloway builds straightforward trusts for clients whose estates include the following.
Real Estate
Your home and other real property, retitled in the name of your trust with the proper deeds.
Bank and Financial Accounts
Checking, savings, and other financial accounts, retitled so your successor trustee can manage them when needed.
Investment Accounts
Brokerage and other investment accounts moved into your trust so they follow your written instructions.
Vehicles
Cars, trucks, and other titled vehicles are evaluated as part of your estate plan to help ensure they transfer efficiently and according to your wishes.
Beneficiary Designations
Retirement accounts and life insurance usually pass by beneficiary designation instead. We review those with you so every piece of your plan points in the same direction.
Ready to Protect Your Family?
Schedule a free consultation at our Southwest Missouri office and take the first step toward a revocable living trust.
Frequently Asked Questions
What is a revocable living trust?
A revocable living trust is a legal arrangement you create to hold your property during your life and pass it to your chosen beneficiaries after you die. You usually serve as your own trustee, so you keep full control of everything in the trust. You can change or cancel it at any time while you are alive and mentally competent.
Does a revocable living trust avoid probate in Missouri?
Assets titled in the name of your trust generally pass to your beneficiaries without going through probate court. The key word is titled. A trust that you sign but never fund leaves your home, accounts, and vehicles outside of it. We prepare your documents and walk you through the retitling so the trust does its job.
Do I still need a will if I have a trust?
In most cases, yes. A pour-over will acts as a safety net and directs any asset you forgot to retitle into your trust. We prepare the will alongside your trust so the two documents work together.
What can I put in a revocable living trust?
Most people fund a trust with their home and other real estate, bank and financial accounts, investment accounts, and vehicles. Retirement accounts and life insurance usually pass through beneficiary designations instead, and we review those with you so everything lines up with your plan.
Can I change my trust after I sign it?
Yes. You can amend, update, or revoke a revocable trust while you are alive and have capacity. Marriage, divorce, a new child, or a major purchase are all good reasons to review your trust.
Will a revocable living trust save me money on taxes?
Not by itself. While you are alive, you are treated as the owner of the trust assets for income tax purposes, and a revocable trust does not work as a tax shelter. Its main value is control, privacy, and a smoother transition for your family. We can talk through your situation during a consultation.
How much does a revocable living trust cost?
The cost depends on the size of your estate and how many assets need to move into the trust. Your first estate planning consultation is free, so you can learn what a trust involves and what it would cost before you commit.