Trust Basics - What You Need to Know

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TRUST BASICS
What You Need to Know
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Trust Elements
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Any trust requires five basic elements
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Any trust requires five basic elements
Maker if you create a trust you are referred to
as the maker or trustor
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Trustee the trustee is the person, or entity,
that manages the trust and oversees the trust
assets
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Beneficiary you must designate at least one
beneficiary who will receive the benefits of the
trust
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Assets you must transfer sufficient assets into
the trust for it to serve its intended purpose
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Terms your trust terms will govern the
management and distribution of trust assets
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Testamentary, Inter Vivos, Revocable, Irrevocable
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Testamentary does not take effect until you die
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Inter vivos (Living trust) becomes effective
when all of the elements of creation are met and
all documents properly executed
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Revocable you may modify the trust, change
beneficiaries or the trustee, or even revoke the
trust at any time and for any reason
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Irrevocable you cannot change anything once the
trust becomes active
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Choosing a Trustee
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Almost anyone can be your trustee but there are
reasons why you may not want to appoint a family
member
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Your trustee will likely need a certain degree
of financial and legal knowledge and experience
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Your trustee must communicate with your
beneficiaries and distribute trust assets to them
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Conflict can arise with a family member as
trustee
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How Can A Trust Help with Estate Planning?
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LEARN MORE ABOUT TRUSTS IN MISSOURI
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