Massachusetts Living Trusts

You may be thinking, “I don’t need a trust”, or “living trusts are only for the rich”. But that’s not true. A basic revocable living trust in Massachusetts is intended to avoid probate and to protect certain assets from creditors. There are many types of trusts, each with its own specific purpose, however, everyone at some point can and should utilize the benefits of a trust.

Some of you also might be saying, “I don’t even know what a trust is”, or “what exactly does a trust do?” A trust is simply an agreement where you give certain assets to someone else to hold for you and for your benefit. This person or entity is called the trustee. They hold and manage your assets for your benefit or for your designated beneficiaries. The trust document, which is drafted by the attorney, is the document that lays out all the rules for the trustee and the parameters for how the assets should be handled.

What are some of the other reasons you may want to implement a living trust? Here are a few:

-                  to protect your assets from creditors
-                  to reduce estate taxes
-                  to manage assets in order to produce income for a beneficiary
-                  to provide for your spouse
-                  to provide for your children,
-                  to provide for a disabled child
-                  to control who receives your assets after you are deceased

Who Should Have a Living Trust?

Along with all the benefits mentioned above, the following people should also consider having a living trust put in place:

-                  Privacy: you want to protect your privacy so that no one knows what you own
-                  If you own a vacation home in another state

If you or a family member would like more information regarding living trusts, give my office a call today at 978.270.2189 for a free consultation.