Whether you need a trust depends on your family situation, and what you want your estate plan to accomplish. Everyone over age 18 needs a will and related estate planning documents, and most people could benefit from a trust, but an estate planning attorney is your best source to answer this question. This is true whether you live in Salisbury, Missouri or elsewhere. The article “Savvy Senior: Wondering about wills and trusts? Here’s what you need to know” from The Wayne County News provides some helpful insights.
What does a will do? It spells out who you want to receive assets after you die. It also names an executor who will oversee administering your estate and designates a guardian for minor children. A will goes through probate, a court process that validates the will, approves the appointment of the executor, and oversees distribution. Depending on where you live and how complex your estate is, probate can take months or years. In most states, your will becomes part of the public record, and anyone can read it.
Trusts are very different than wills. A revocable living trust is used to hold assets while you are living and to direct how they are distributed after death. Assets held in a trust don’t go through probate, thereby protecting your will from prying eyes.
When the grantor (the person who set up the revocable living trust) becomes incapacitated or dies, the successor trustees take over. This allows someone else to manage the grantor’s assets, which can be helpful in case of a serious illness.
Trusts are helpful when family situations are complicated, a family farm or other small business is involved or you have a blended family. Additionally, if the family includes an individual with special needs, a Special Needs Trust allows the family to create a plan for the future to help without risking government benefits.
The biggest challenge when setting up a trust is ensuring assets are transferred into it. This means assets like real estate and financial accounts need to be retitled. This takes time and attention to detail. Failing to properly transfer an asset into the trust will leave it unprotected and part of the probate estate.
Many people opt to have their estate planning attorney include a “pour-over” provision in their will so that anything not placed in the trust is automatically “poured” into the trust. This should be a backup, not a reason to delay retitling assets.
People who own property in more than one state benefit from having a trust. Placing all assets in a single trust may avoid the costs and delays of probate in multiple states.
If you have a small estate, your family is not complicated, and assets have beneficiaries, a last will and testament may be all you need. However, if avoiding probate, protecting privacy, and managing assets in case of incapacity are important, a trust should be considered.
Speak with an experienced estate planning attorney to discuss your unique needs and make a plan for the future.
Visit our website www.MoTrustLaw.com to get more estate planning information and to subscribe to our complimentary e-newsletter. Our e-newsletter is designed to provide valuable information to residents of Moberly, Macon, Kirksville, Salisbury, Columbia and surrounding areas.
Reference: The Wayne County News (June 3, 2026) “Savvy Senior: Wondering about wills and trusts? Here’s what you need to know”