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Irrevocable Trust

Irrevocable Trust Lawyer in Missouri

Thinking of setting up an Irrevocable Trust? Our irrevocable trust attorneys are happy to help you achieve the peace of mind that you have earned by setting up the right trust for your unique situation. An Irrevocable Trust is exactly what it sounds like — a trust that cannot easily be modified after the agreement has been signed.

There are two main types of Irrevocable Trusts. One type is designed for the benefit of the creator of the trust, and another more common type which is reserved for setting up a trust to disperse resources to another person, or group of people, such as your loved ones. Some Revocable Trusts can also be designed so that they become Irrevocable Trusts after a set amount of time passes, or in the event that the Trustmaker passes away.

Estate Planning Attorney for Irrevocable Trust in Missouri

Irrevocable Trusts can take many forms, and can function as a tool to achieve a variety of different Estate Planning goals. Contact one of our experienced a irrevocable trust attorney today to learn about the various advantages to all of your different Estate Planning options, and get the information you need to make the best possible decision about protecting your future.

Estate Planning Attorney in Missouri

At the Piatchek Law Firm, we can help you avoid the common mistakes and pitfalls that can easily occur when creating an Estate Plan. We can answer your questions, explain how the process works, and ensure that the many rules and formalities required to draft a valid Trust are correctly followed.

In most cases, one of our attorneys can complete these services for a reasonable flat fee. To get started, please call us at 417-882-5858 to schedule a free initial consultation. We may be available for evening and weekend appointments, and we can also arrange a home visit if you are unable to travel to our offices.

An irrevocable trust can not usually be amended, changed, or revoked once it is established. It is usually employed to get property out of one’s name, often to protect such property from future creditors or threats. A person does not usually place property into an irrevocable trust to avoid current or already existing problems, just future, potential problems.
Not necessarily anything. The trust was irrevocable while the grantor was alive, still is irrevocable when they are gone. Often times, however, the grantor’s death will trigger the next stage of events, such as finalizing gifts to child or grandchild beneficiaries. For example, I set up an irrevocable trust and place a rental home into it. I say my daughter can live there for her life. She starts to live there. Then I die. She continues to live there. Nothing changes when I die. Then someday she is gone, and the trust says that the house is to be sold and the proceeds split among her children. Perhaps in example two, I instead say my daughter can live there while I am alive, and that when I die, she gets the house free and clear. That would be a different scenario. What happens when the grantor dies is very specific to the document and it’s instructions.
Revocable trusts are set up by a grantor (creator), and often the Grantor also will serve as trustee (in charge) during their lifetime, and often will also be the beneficiary while they are alive (it is their property, they are in charge, solely for their own benefit). Then, when they die, someone else takes over as trustee and the assets go to other beneficiaries named in the trust. With an irrevocable trust, the creator of the trust places the property into the trust, but someone else is typically the trustee, and it is often for the benefit of other persons. The key differences between revocable and irrevocable trusts:
  • Revocable can be changed or revoked; irrevocable trusts cannot usually be changed or revoked
  • Grantor is usually the trustee of their own revocable trust (I make it, I run it); whereas an irrevocable trust almost always has a separate trustee (I make it, you run it)
  • Placing property into a revocable trust DOES NOT get the property out of the grantor’s name for asset protection purposes (I can’t put property into my own revocable trust and then avoid creditors); placing property into an irrevocable trust is often done for the purposes of getting property out of the grantor’s name and thus getting the property outside of the reach of the grantor’s creditors
 
Grantor establishes a trust, usually names a separate person as trustee. That trustee holds property under the terms and conditions contained in the trust document for the benefit of beneficiaries. They beneficiary may sometimes be the grantor, or it may be others, or a mixture. Placing property into an irrevocable trust is usually done for purposes of getting property out of name of grantor, often for asset protection purposes.
You really need to see an attorney. While there are many forms online, it is very difficult to verify the quality of the form, or know which form accomplishes what goals, and perhaps most importantly, unless you are knowledgeable about trusts, it would be almost impossible to know what types of provisions are missing from the trust, but are needed; and why types of provisions are present, but not needed. In some situations, with some very short, simple documents, doing it yourself online may seem like a reasonable option, but with trusts, the stakes are too high, there are too many mistakes than can be made, and they are the types of mistakes that will likely not be uncovered until after you are deceased and it is too late to change. The stakes for an irrevocable trust are much higher. In an irrevocable trust, you are actually getting the property out of your name, NOW, and you will not likely be able to get it back if you change your mind, you will not likely be able to borrow against the property (you no longer own it, the trustee owns it), you will not be able to personally make the decision to sell the property (that would be up to the trustee). So it is a big decision, with big consequences, and you will likely not be able to change your mind once you do it!
  • To avoid probate
  • To get property out of your name, right now, without just giving away to another person.
If one wanted to get property out of their name, right now, they could just give it away, right?  However, if I give my property away, wholesale and completely free of any restriction, I retain no control, and if the person I gave the property to decides to sell it, has creditors, or gets sued, that could be a big problem, and the property could just disappear out of my life altogether..  However, if I place that same property into an irrevocable trust, I do get it out of my name, but it also does not go fully into the other person’s name (the trustee), it is kind of “in limbo” where a trustee is in charge of it, it is not fully theirs, it does not fully belong to the beneficiaries, but it also no longer belongs to me, and I have listed out terms and conditions related to that property, so I may be able to keep it close to me or my family, and also safe from creditors.
I am very hesitant to list any numbers online, based on past experience. So I don't know how you want me to approach this, but generally between $1,500 and $2,500 depending on size, complexity and several factors. Please do not publish any numbers.