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Why would you create one?

Image by Walaa Khaleel

I created a trust because I am a new parent, and I want to protect my daughter and make sure my life insurance is spent responsibly if I can not longer protect her.


Why would I create a trust?

The main reason we suggest a client create a trust is to ensure that it is kind of like an insurance policy that helps our clients avoid probate. A very common misconception is that when a client creates a will they avoid probate, but that is completely false. Most people in Missouri can utilize non-probate transfers to make sure none of their assets go through probate. However, there are many times when a trust may give our clients piece of mind during their estate planning process. 

The major benefit for a trust is planning for the problems that may arise after the trust is created. For example, you give your daughter 1/3 of your retirement upon your death, and she is fine and healthy today. The issue comes in when she develops MS, or some other disease and goes on government benefits 10 years from . You pass, and you were not able to change your designations, and now your estate has to scramble to try and figure out how to give her your gift and not let the government take away all of your money that you wanted to leave her.  

The short answer is that a trust can allow you to plan for the contingencies that you can't see coming today. An insurance policy is the best analogy, you spend a small amount of money to protect against a major loss in the future that you cannot prepare for today. Just like a car insurance policy, you spend some money today to make sure that if you are in a car accident tomorrow, everything you worked for over the span of your life isn't taken from you.  

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511 W. Pearce Blvd. 

Wentzville, MO 63385

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