Many Massachusetts residents struggle with how to provide for their children after their deaths. One estate planning tool that many people use is the revocable trust. This versatile document allows parents the freedom to create a trust that works best for them and their children.
Distributions from the trust do not have to be made all at once. Parents can decide to give a specified portion of the trust to each child at a certain age. The trust can also provide a stipend for the person appointed as the children's guardian to help cover the extra expenses incurred when he or she agreed to care for the children.