What Are The Benefits Of Setting Up A Revocable Living Trust In Massachusetts?
A revocable living trust is one of the most popular estate planning tools. Although they are not right for every situation, many people and families can benefit from a living trust. At Fisher Law LLC, we provide solutions-focused, personalized estate planning representation. Here, our Boston estate planning attorney highlights the advantages of setting up a living trust in Massachusetts.
A Revocable Living Trust Can Be Used to Avoid the Probate Process
In Massachusetts, probate is the process through which a person’s estate is settled. It has the potential to be long, confusing, and at times frustrating. All assets that are covered by your will are subject to probate. In contrast, assets that are held by a properly structured revocable living trust are not subject to probate in Massachusetts. Instead, they can transfer directly to the possession of the selected beneficiary/beneficiaries. Avoiding probate can be a real advantage.
A Revocable Living Trust Provides Clarity for Your Heirs/Beneficiaries
You do not want to leave family, friends, and other close loved ones with a list of questions as to how exactly your estate should be resolved. A benefit of setting up a revocable living trust is that it can provide clarity. You can use a revocable living trust to clearly state the distribution of the assets held within it. Doing so can help to reduce the risk of disputes.
A Revocable Living Trust Can Be Changed to Meet Changing Needs (Keep Control)
Unlike some other types of trusts, revocable living trusts are flexible estate planning tools. It remains in the control of the person who set it up (Grantor). Because a revocable living trust in Massachusetts can be amended or revoked during your lifetime, it allows you to adjust its terms to meet changing needs while you maintain control over your assets. In other words, a revocable living living trust can help you avoid probate without losing control of any assets.
Note: An important caveat is that revocable living trusts do not protect assets for purposes of long-term care or nursing home costs, or for creditor protection. With regard to the latter, whatever you, as the Grantor, have access to, so too do your creditors.
A Revocable Living Trust Offer More Privacy than a Will
Probate is a public process in Massachusetts. For that reason, a will should not be viewed as “confidential” or “secret. When a Will is offered for probate, the document is a public document that can be viewed by anyone. In contrast, a revocable living trust can be executed without becoming part of the public record. It offers far more privacy by keeping the details of your estate and the specific distribution confidential.
Consult With Our Boston Living Trust Attorney Today
At Fisher Law LLC, our Boston estate planning lawyer has extensive experience helping clients set up living trusts. If you or your loved one is considering setting up a living trust, please do not hesitate to contact our estate planning team today for a confidential consultation. We help people and families with revocable living trusts throughout Massachusetts.
