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Trusts Archives

If used correctly, a revocable trust could help avoid probate

Choosing to utilize planning tools other than wills commonly occur during individuals' estate planning. For many Massachusetts residents, a revocable trust could come in handy if they hope to avoid probate or allow certain assets more protection. However, while this tool can prove beneficial in theory, parties may only be limiting themselves if they do not use their trusts to their full potential.

Massachusetts parents may be interested in a special needs trust

Having a child with special needs can add a different element to an individual's life. Therefore, when considering end-of-life plans, Massachusetts residents may wish to consider adding additional elements to their estate plans. A special needs trust could be one potential option to consider as individuals work to create their plans.

Revocable trust, other options may be of use in Massachuestts

Asset protection is often important to many Massachusetts residents. Because they likely have worked long and hard to obtain their property, money and other assets, it is common for concerns to arise when it comes to the distribution of that property after death. Luckily, creating a revocable trust or other type of trust account could help individuals address their concerns. 

Revocable or irrevocable trust -- which is right for me?

When planning one's estate, there are numerous things to consider -- such as how assets and beneficiaries would best be protected, for instance. Unfortunately, many Massachusetts residents may not know all of the available options open to them that will allow them to achieve such goals. Honestly, for some, creating trusts may prove to be in their best interests -- but what kind? Should revocable trust or an irrevocable trust be chosen?

A special needs trust can help put parents' minds at ease

Many Massachusetts parents devote their lives to taking care of their children -- especially children with special needs. These children often require care even after they become adults, and additional estate planning will most likely be required in order to help secure their futures. Creating a special needs trust to go along with other documents could help put parent's minds at ease.

Powers of attorney are essential parts of estate planning

Most Massachusetts residents focus on what will happen after their deaths when creating estate plans. However, it is just as important, if not more so in some cases, to plan for what will happen in the event that they are not able to care for themselves at some point. This is where powers of attorney become essential.

Having a will and a revocable trust is not enough

Massachusetts residents who engage in estate planning often feel that their job is done once they sign on the dotted line. However, having a will and/or a revocable trust is not enough to ensure that the assets will end up with the proper heir or beneficiary. The property needs to be properly titled and beneficiary designations on other accounts need to be in line with the rest of the estate plan.

Using a revocable trust to distribute assets to children

There are many types of trusts that can be used depending on an individual's circumstances and family dynamics. Even so, the most popular type of trust used by people here in Massachusetts and elsewhere is the revocable trust. This is because the grantor can make changes to the trust during his or her lifetime.

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