5 Reasons to Update Your Trust

A trust is an important document that helps make sure your requests are carried out, after you pass. If you have certain wishes as to who should receive each of your assets, establishing a trust at the Lake of the Ozarks might be right for you. Our Lake of the Ozarks law center can help you get your end of life wishes in order. If you already have a trust in place, you may need to make updates or amendments to it. With any life change, it’s important that you view your trust for necessary changes as well. Take a look below for examples of changes in your life that may result in needed updates to your trust.


5 Reasons to Update Your Trust:

Change in Marital Status

A change in marital status certainly calls for an update to your trust. Whether you are getting married, getting divorced or getting remarried, it’s a good idea to make sure your beneficiaries are up-to-date. If something were to happen to you today, who is designated to receive your assets? If you aren't sure that the people you have in mind are the ones named in your trust, you should review your trust language with an eye toward making updates.

An Heir Passes Away

If someone who is a beneficiary of your trust passes away, you may want to make adjustments to how your assets will be distributed from your trust.

Children Are Born

Are you expecting a child? Having a new beneficiary born is another reason you may want to amend your trust. You can actually set it up to distribute equally between your children, if you aren’t sure how many children you plan to have. This is a great option for a younger person establishing a trust.


Children Become Adults

Many children who are named in a trust will have a set age (18, 25, 35 for example) in which they can receive the assets. If your children have started having children of their own, you may want to add your grandchildren to your trust.

Significant Change in Assets

If you’ve had a significant change in your assets, it is a good idea to review if you want those assets to be added to the trust, and if so, to get them titled in the name of the trust.   If they aren’t in the trust at the time of your death, then you risk the possibility that they will not be administered in accordance with the trust language.

It is hard to think about end of life and the distribution of all of your assets, but your family will be thankful for the time you spend planning in advance. We serve people living at the Lake of the Ozarks who wish to establish a trust to keep their assets out of probate.  For many people who do not create a trust, the probate process turns into a lengthy court proceeding for the loved-ones left behind.

At O’Donnell Law Center, we create a comfortable environment in which you can share your wishes and make amendments to your existing trust at any time. We know creating a trust at the Lake of the Ozarks may seem intimidating, but we are here to help show you that it doesn’t have to be.



We Carry Your Burden ~ You Carry On With Life.

Disclaimer: No attorney-client relationship is created by the publication of this blog.

The choice of a lawyer is an important decision and should not be based solely on advertising.

Phone: (573) 552-0317

O'Donnell Law Center, LLC
1026 Palisades Blvd. Suite 3
Osage Beach, MO  65065
Location: Osage Beach, MO 65065, USA

Comments

Post a Comment

Popular posts from this blog

Top 5 Ways to Make Divorce Easier on your Children

Image
Divorce is a tough time for everyone involved – especially kids. It can be hard for young children to understand what is happening to their family. It can be difficult for children to process this time as their family dynamic changes. As your divorce attorney in Osage Beach, MO , our law center sees a number of children struggle as their parents get a divorce at the Lake of the Ozarks. We’re here to help parents through the divorce process but we’d also like to help offer advice on how to make this stressful time easier on your kids, as well. 1) Be Honest It’s best to be honest about your divorce with your kids. While they may not need to know all the ugly details, they deserve to know what is going on with their parents. Have an open conversation about your divorce from your spouse and let them know they can ask any questions they may have. Try to answer any questions in an honest and positive manor. 2) Encourage them to Share Feelings You should always encourage your kid...
Read more

Cremation vs Burial – What’s the Difference?

Image
Planning for end of life may come with more decisions than you first expect. Creating an estate plan near the Lake of the Ozarks can help relieve your loved ones from having to make many tough decisions upon your passing. Not only can you decide who will receive your assets, you can also plan your end of life wishes for being laid to rest. Our estate planning attorney in Camden County, Missouri wants to help inform you of some of the decisions you’ll need to make as you make your end of life plans. In this week’s blog, we’re comparing the difference between cremation and burial options for being laid to rest. All About Cremation: Cremation is the act of being incinerated until your remains become ashes. This method of body disposal is becoming more and more popular. Timeframe – cremation can take place further after death. The flexibility with time allows your family time to gather and plan a more personalized ceremony. Paying Respects – family and friends can memorialize th...
Read more

Meet Attorney Deirdre O'Donnell!

Image
Positive and genuine client relationships are our number one priority at O'Donnell Law Center. We truly care about getting to know our clients so we can provide them with the best possible legal services at the Lake of the Ozarks . We recognize that strong relationships are a two-way street, though, so this week we're dedicating our blog to helping you get to know the Lake of the Ozarks' top attorney , Ms. Deirdre O'Donnell. Getting to Know Deirdre! I was born in St. Louis, Missouri on February 22, 1962. I graduated from Pattonville High School in St. Louis County and went on to earn a BA from Washington University in St. Louis, a Master's Degree in Social Work from Washington University and a Juris Doctorate Degree from Washington University School of Law. By 1996, I was licensed to practice law in the state of Missouri. In my young adult years, I played keyboard and performed in various St. Louis venues in a contemporary jazz band. I later worked a...
Read more