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Trust Assets in a Divorce

When dividing marital property in a divorce, the court is to consider the factors set forth in Section 452.330, RSMo and then divide the property in such a way that it seems just. Workman v. Workman, 293 S.W.3d 89, 96 (Mo. Ct. App. 2009). A court generally has “great flexibility” in dividing the marital property. Shepard v. […]

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Family Trusts

“Family trust” is the general term given to a revocable or irrevocable trust which is in place for the benefit of all or certain members of a family. In some older trusts, it may be called a “residuary trust” depending on how the rest of the trust instrument is structured, but it is typically the […]

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Statutory Breach of Trusts of Revocable/Irrevocable Trusts

In a trust relationship, the trustee is the individual/entity who is entrusted with managing the assets in the beneficiaries’ best interests.  A breach of trust, therefore, is a violation by a trustee of a duty the trustee owes to a beneficiary. While a trust may alter the scope of what duties a trustee owes, generally a trustee will […]

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Missouri Liability for Breach of Trust

Trusts — testamentary, revocable, and irrevocable — all impose fiduciary duties upon a trustee (See: Fiduciary Duties of a Trustee). Whenever a trustee breach his/her fiduciary duty (self-dealing, improper investment, fraud, etc), the beneficiary of the trust has a few separate options. (1) The beneficiary can ratify (i.e., consent) to the transaction, thereby waiving the […]

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Asset Protection Trusts: Estate Planning & Creditors

Asset protection is a crucial component of estate planning. Most assume that asset protection is for the extremely wealth. However, most individuals and families can benefit from some form of asset protection planning. It is just the case that more at risk individuals will likely need more sophisticated plans. The Missouri Uniform Trust Code was […]

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Trust Administration & Help

It is often the case that revocable living trusts and irrevocable  trusts (particularly when they are of great cash value) are managed by trust companies or corporate entities. However, it is sometimes the case that a private individual or individuals will serve as trustee. On the one hand, this can be a preferable arrangement because […]

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Trust Modifications & Amendments

Trusts can be divided into two categories: revocable trusts and irrevocable trusts. As the name suggests, irrevocable trusts generally cannot be amended or modified by the settlor (the creator of the trust). Revocable Living Trusts are usually freely modifiable and amendable. However, a revocable living trust, upon the death of the settlor(s), will become irrevocable […]

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