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?
While there are various trust types, the two most commonly used by Massachusetts residents are revocable and irrevocable trusts. A revocable trust is a legal document that is valid during one’s lifetime. This type of trust can be modified or revoked if necessary. Any assets that are included in a revocable trust may still be subject to probate; however, creditors may find it more difficult to access these assets.
An irrevocable trust is quite a bit different in that it is not as flexible as a revocable trust. This type of trust may not be modified or revoked after its creation. While it may not seem like the best option due its lack of flexibility, there are reasons as to why it should be considered. To learn more about the benefits and drawbacks of both types of trusts, as well as how an attorney may be able to help you in creating these legal documents, please visit our firm’s website.
For those residing in Massachusetts and elsewhere, having to decide how to protect assets and loved ones can certainly be a challenge. A revocable or irrevocable trust may offer the protections one desires. With the assistance of legal counsel, the right trust can be created and included in your estate plan so that all the wanted and needed protections are put in place.