Saint Louis, MO asked in Estate Planning for Missouri

Q: I need to get a lawyer to set up access to my bank account to a beneficiary should I pass away. How do I do that?

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1 Lawyer Answer
David S. Schleiffarth
David S. Schleiffarth
  • Estate Planning Lawyer
  • Webster Groves, MO
  • Licensed in Missouri

A: One option is to have an Estate Planning attorney create a Revocable Living Trust. Many clients concerned with the transition of property and assets upon death find it beneficial to transfer ownership of personal property (including bank accounts) and/or real property into a Revocable Living Trust.

During your lifetime, you would typically elect to act as the sole trustee (one that controls the distribution of trust assets and income) and sole beneficiary (recipient of trust assets and income). Upon your death, the contents of the Trust would pass to a beneficiary of your determination (as set forth in the trust). Thus, a bank account could be directly distributed to your named beneficiary without going through the process of probate.

(Not intended as legal advice. Every individual’s situation is unique and should be discussed in detail with an attorney.)

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