Massachusetts residents set up living trusts -- which is a trust created during the life of its creator -- for a variety of reasons. For instance, a revocable trust (changeable) or irrevocable trust (unchangeable) can be created to provide for loved ones who are too young or otherwise incapable of dealing with financial affairs on their own. Other people may set up a trust in order to protect their assets if they become incapacitated. Some trusts are created to avoid probate, stave off creditors and avoid hefty estate taxes.
Regardless of the reason, most living trusts are created in the same manner. They can be tailored for your purposes, so long as they are not contrary to public policy or illegal. This means that it is possible to control how and when distributions are made to a beneficiary -- who is the person receiving the assets of the trust -- by the trustee, the trust's administrator. During the life of the trust's creator, or grantor, he or she can serve as the grantor, trustee and beneficiary of the trust.