When it comes to estate planning, one of the most common questions people ask is whether they need a will or a trust in Missouri? The answer isn’t always straightforward, as each option serves different purposes and comes with its own set of advantages and disadvantages. You want to make an informed decision, right?  So without further ado…

 

What is a “will?”

A will is a legal document that directs how your assets will be distributed after death. It serves several important functions: naming an executor to manage your estate, designating beneficiaries, and appointing guardians for minor children. Creating a will is generally simpler and less expensive than establishing a trust, making it an accessible option for many people with straightforward estates.

However, wills do have limitations. They must go through probate – a public, potentially time consuming court process. Additionally, wills only take effect after death, offering no protection or guidance for asset management during your lifetime.

 

What is a “trust?”

A trust offers more comprehensive estate planning capabilities. It’s a legal arrangement where a trustee manages assets on behalf of beneficiaries, both during your lifetime and after death. Trusts offer several notable advantages: they avoid probate, maintain privacy, and provide greater control over asset distribution. They also include provisions for managing your assets if you become incapacitated.

Though trusts provide enhanced control and flexibility, they do come with higher setup costs and maintenance requirements. Consider a trust if you have:

• A complex estate with multiple properties or business interests
• A blended family situation requiring careful asset distribution
• Minor children whose inheritance needs protection and management
• Specific requirements about how and when children receive their inheritance

The additional complexity and cost of a trust often proves worthwhile for these situations, as it provides precise control over your estate’s management both during your lifetime and after.

 

What is the best solution for you?

Your choice between a will and trust should depend on your specific circumstances, including your estate’s complexity, privacy concerns, and long-term goals. Consider consulting with an experienced estate planning attorney who can evaluate your unique situation and help you make the best choice for your family’s future. Schedule your appointment by clicking below.