The idea of estate planning may have some Massachusetts residents feeling wary, but other individuals may be excited about the prospect. By creating a plan, parties can decide who should receive which assets and ensure that their other wishes are also known. Of course, individuals have various planning options to consider, and one tool that may seem appealing is a revocable trust.
With a revocable trust, individuals can maintain a sense of privacy while also bequeathing assets to their loved ones. Though a will can be used in a similar manner, this document goes into the public record. This means that anyone who wishes can view the contents of the will. On the other hand, with a trust, the document can only be viewed by parties given specific access.
Additionally, trusts can help individuals avoid probate if they wish to do so. Again, much of the probate process can create public attention, and by avoiding this legal process, parties can maintain a greater sense of privacy. Plus, utilizing a trust may allow surviving family to obtain their bequeathed assets more quickly because they do not have to wait on the completion of probate proceedings.
Though a revocable trust may not suit every situation, it could offer benefits to Massachusetts residents who feel the need to create such a document. Finding out more information on this type of trust and other trusts may allow parties to better make planning decisions when it comes to the use of this tool. Discussing particular concerns and interests with experienced attorneys may allow parties to more easily create their desired plans.
Source: tcpalm.com, "Advantages of a revocable living trust", Robert D. Schwartz, Aug. 3, 2017