Life Choices
FINANCIAL CONSIDERATIONS
Life Choices: Page 15 of 36
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Financial considerations: Living trusts
Living trusts | Non-probate transfers & real estate transfers
Power of attorney & durable power of attorney
Personal custodians, guardianships & conservatorship
Living trusts
Establishing a revocable living trust allows a person to transfer property upon death and bypass the probate process, which involves time, publicity and expense. The creator of the living trust usually serves as the trustee and beneficiary until death or incapacity, when successor trustees and beneficiaries take over.
When personal property is included in a living trust, the ownership documents of the property must be changed. For example, if you want to include your home in the trust, you must change the deed of the property to show the trust, rather than you, as the actual owner.
A revocable living trust does not need to be signed by witnesses, but it must be notarized.
page 15 of 36
Living trusts | Non-probate transfers& real estate transfers
Power of attorney & durable power of attorney
Personal custodians, guardianships & conservatorship
Seeking legal help?
Information contained in this chapter is not intended to replace advice from a private lawyer. Legal advice is recommended for preparation of many of the documents described.
If you need to find a lawyer in your area, you can contact the Missouri Bar Lawyer Referral Service (there is a fee)
Missouri Bar Lawyer Referral Service
Jefferson City: 573-636-3635
St. Louis: 314-621-6681
Kansas City: 816-221-9472
Greene County: 417-831-2783
