A nominee trust is a trust in which the trustee holds legal title to the trust property for the trust's beneficiaries, but the beneficiaries exercise the controlling powers, and the actions that the trustees may take on their own are very limited. Such trusts are a common device for holding title to real estate, and afford certain tax advantages. A nominee trust is not a trust in the strict classical sense, because of the trustee-beneficiary relationship. Despite a nominee trust's nontraditional relationship between trustee and beneficiary, such a trust must still adhere to the rule that no trust exists when the same individual is the sole settlor, sole trustee, and sole beneficiary. The trustees of a nominee trust act at the direction of the beneficiaries.
Missouri Nominee Trust
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FAQ
Less than 2 percent of the U.S. population receives a trust fund, usually as a means of inheriting large sums of money from wealthy parents, ing to the Survey of Consumer Finances. The median amount is about $285,000 (the average was $4,062,918) ? enough to make a major, lasting impact.
To put your house or any other piece of real estate into your trust in Missouri, you will need to create a Missouri Deed in the trust's name. A deed is a document stating the transfer of ownership.
To create a living trust in Missouri, you put the terms of the trust into a trust agreement which you then sign in front of a notary public. The final step is to fund the trust, transfer ownership of assets into the name of the trust. A revocable living trust can offer you flexibility, control, and privacy.
Once your position as a beneficiary of an irrevocable trust (after your loved one passes and their revocable trust becomes irrevocable, for example) vests, you have the right to receive a copy of the trust documents.
The cost of creating a living trust in Missouri can vary widely, depending on several factors. Some people do it with a few hundred dollars using online programs. Others seek the assistance of a lawyer and easily drop more than $3,000.
How much does a Trust cost in Missouri? The cost of setting up a trust in Missouri varies depending on the complexity of the trust and the attorney's fees. A basic Revocable Living Trust generally ranges from $1,000 to $3,000. More complex trusts can cost several thousand dollars more.
As a very general rule, the less assets you have and the less complex your estate plan is, the more likely it is that a simple last will and testament will be sufficient. Conversely, the more assets you have and the more complex your situation, the more likely it is that a revocable living trust will make sense.
