QUESTION
Does the Missouri statue on homestead allowance supercede a revocable trust? The property deed is in the name of the trust.
Asked on Nov 20th, 2012 on Estate Litigation - Missouri
More details to this question:
Father created an individual trust in November 2010 and married December 2010. Unexpectedly passed away August 2012. Trust states home is to be sold and equally divided between children and widow. Can a court change the trust giving the home only to widow due to Missouri homestead allowance?
1 ANSWER
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That's not the way the homestead allowance works in Missouri. In general, the one-half interest granted under the trust will vastly exceed the homestead allowance. You need to review this situation with your own attorney in light of the terms of the trust and with information about the value of the property.
Answered on Nov 20th, 2012 at 9:33 AM