There is no denying that a will is an essential part of your Massachusetts estate plan. That said, there are limits to what your will might do. Sometimes, you need to set other parameters or consider other areas, such as public benefits protection, when making your estate plan. In these and other scenarios, it may suit your needs to consider establishing a trust.
According to Kiplinger, a trust gives you a means through which to achieve a specific estate planning goal. For example, you may be able to use a trust to do one or more of the following.
Protect assets from spendthrift children
If you have a child you feel may not spend what you leave behind responsibly, you may be able to leave assets to your son or daughter in a trust with certain stipulations attached to it. For example, your trustee might only make distributions when your child reaches a particular age, completes college or what have you.
Avoid probate
Creating a trust also gives you a means through which to have some assets avoid the probate process. Probate has costs and time commitments involved, and it may also delay when your beneficiaries gain access to your assets. The assets you place in some types of trusts bypass probate, helping your beneficiaries access them sooner.
There are many other goals you may be able to achieve through creating a trust. There are also many different types of trusts you might utilize in line with your specific estate planning needs.
