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- The successor trustee can be a trusted relative or friend, or can be a professional trustee such as a trust company or the trust department of a bank. Missouri law does not require an individual serving as successor trustee to be a Missouri resident.
www.lsmo.org/node/305/revocable-living-trusts
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Aug 1, 2022 · While your trust will technically own the assets, you have the ability to name yourself as the trustee which provides you all of the same control and management of ownership.
How do trusts work in Missouri? Like in any other state, a trust in Missouri works by letting a trustee hold and manage your assets according to your terms. However, you don’t simply give your assets directly to the trustee.
Apr 22, 2019 · Upon the death of the grantor, the person who was named as the trustee in the trust document will take over management of the assets and will go through the formal trust administration process. If you have been named as trustee in the will of someone who has passed away, you may need help successfully navigating the process and a trust ...
Oct 25, 2023 · A trustee is an individual or organization that has been given legal responsibility to manage the trust assets for the benefit of the beneficiaries. The trustee is obligated to manage the trust according to its terms and the law, which involves a series of legal duties and responsibilities.
If you agree to act as trustee, you are under a duty to the beneficiaries to administer the trust solely in the interests of the beneficiaries. The fundamental principal of a trustee is that you’ve been entrusted with someone else’s property for which you are accountable.
Dec 21, 2023 · You will, however, be responsible for federal inheritance taxes should the inherited estate be over a certain threshold. In this guide we’ll take an in-depth look at Missouri inheritance laws, in which we break down intestate succession, probate, taxes, what makes a valid will, and more.
FIVE TRUSTEE DUTIES IN MISSOURI. The job of a trustee, generally speaking, is to administer the trust. A trustee, in fact, has a fiduciary duty to the beneficiaries of the trust. That means they must always act in the best interests of the trust beneficiaries.
